Oil prices pulled back after jumping overnight when talks among members of the OPEC cartel and allied oil producing countries broke off in the midst of a standoff with the United Arab Emirates over production levels.
The U.S. benchmark crude oil price fell 1% to $74.49; it earlier rose to $76.98, the highest level since November 2014. With oil prices pushing toward $80 a barrel, experts says that raises the risk of a price war if the conflict escalates, like in March last year.
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