Crude oil prices briefly reached their highest levels in six years early Tuesday before retreating slightly, as surging post-pandemic oil demand and fizzled talks among producers casts new volatility over energy markets.
Futures on West Texas Intermediate, the U.S. crude benchmark, were trading at $73.32 a barrel by midday Tuesday after topping $76.90 a barrel earlier. The price of WTI crude has skyrocketed by more than 50 percent since the beginning of the year.
Futures on Brent crude, the international benchmark, was $74.50 by midday Tuesday, a slight fall from its early morning high of $77.82. Since the beginning of the year, prices for Brent crude have climbed more than 45 percent.
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