COM - OPEC+ abandons talks after failing to reach production deal

Brent crude oil rises above $77/bbl for the first time since 2018 after OPEC+ fails to reach a production deal, further squeezing an already tight oil market and raising concerns over inflation.With the United Arab Emirates continuing to block an agreement, today's planned OPEC+ meeting has been called off with no new suggested date for the next gathering, which in effect leaves the group's current production limits in place.August WTI crude (CL1:COM) +1.5% to $76.29 bbl; September Brent crude (CO1:COM) +1.2% to $77.14/bbl.ETFs: [[XLE]], [[USO]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]"This is quite a bullish scenario for oil prices," TD Securities analyst Daniel Ghali tells Bloomberg. "We should see the energy market tighten up at a faster pace than we anticipated in recent months."The UAE on Friday rejected a Saudi-led proposal to increase oil output by 400K bbl/day per month to the end of the year.

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OPEC+ abandons talks after failing to reach production deal