HONG KONG (AFP): Oil extended gains in Asian trade Tuesday (July 6) after a gathering of top producers fell apart without any agreement on a plan to lift output despite stockpiles shrinking and demand surging along with the global economic recovery.
The breakdown of talks between OPEC and other key crude nations raised the possibility of $100 a barrel -- a level not seen since 2014 -- and stoking fresh fears about inflation, which could force central banks to taper their monetary policy or hike interest rates earlier than thought.
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