Why have oil prices hit a 3-year high?
There's more pain in store for those lining up at pumps to fuel their vehicles. On Tuesday, Brent crude prices breached a 3-year high as the market fretted over the impasse at OPEC . The group of oil producers called off talks that were being held to decide on a planned increase in output from August. UAE had opposed an extension in the tenure of the agreement to end-2022 from April 2022 and negotiated for an upward revision in its own baseline output. Saudi Arabia opposed this request. Talks to resolve the standoff did not work out, leaving markets staring at the possibility of a tight supply situation continuing.