The economic recovery was again put at risk after oil prices climbed on Wednesday. The Organization of the Petroleum Exporting Countries (OPEC) failed to reach a deal to increase output, raising fears of supply shortages later this year which could further lead to crude oil prices rising higher.
Talks came to a standstill after Saudi Arabia failed to convince other members to raise production. Gulf Arab delegates said Iran, Venezuela and Algeria refused to consider an output increase.
Amrita Sen, Commodity Analyst at Barclays Capital in an interview with CNBC-TV18
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