After a fight between Saudi Arabia and the United Arab Emirates, oil jumped to a six-year high as Saudi Arabia raised oil prices. The fight brought an end to OPEC supply talks escalating into a price war with international consequences at a moment in which it could hurt global economic recovery and increase inflation.
At the moment no agreement has been reached on a possible increase in crude production beyond the end of July.
Oil pricing affects pricing in most products and therefore, this could have a domino effect on certain industries.
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