Oil surged to a six-year high as an OPEC+ supply increase was blocked by a dispute between Saudi Arabia and the UAE. Oil fell the most since late May as a stronger dollar spurred a broad sell-off across the commodities complex while uncertainty over OPEC’s next move loomed large in the markets. Futures in New York slid 2.4% on Tuesday. The U.S. dollar rose, making commodities priced in the currency less attractive to investors. The pullback in crude is a stark reversal from earlier in the session when futures soared to a six-year high amid an escalating fight between Saudi Arabia and the United Arab Emirates that has pushed OPEC+ into crisis and blocked a potential increase in oil supplies next month. “Lots of uncertainty is lying ahead about the group’s output policy in coming months and this will lead to increased volatility,” said Tamas Varga, an analyst […]