Crude oil futures closed sharply lower on Tuesday after the benchmark US crude oil futures price hit a six-year high in the early hours of the 7th Beijing time. The sharp volatility in oil prices reflects the uncertainty about the outlook for global crude oil production after the collapse of the decision of the Organization of the Petroleum Exporting countries (OPEC) and its ally (OPEC+).

Robert Yawger, executive director of energy futures at Mizuho Securities, said in a report that the fall in oil prices today marked a "classic reversal".

On Tuesday, West Texas Intermediate (WTI) for August delivery fell $1.79, or 2.4%, to close at $73.37 a barrel on the New York Mercantile Exchange. At one point, the futures rose to $76.98 a barrel, the highest level since November 2014.

London Intercontinental Exchange, which serves as the benchmark for global crude oil prices.September Brent crude oil futures fell $2.63, or 3.4%, to close at $74.53 a barrel. The futures rose as high as $77.84, the highest since 2018.