Oil prices hit multi-year highs on Tuesday after OPEC+ producers clashed over plans to raise supply to meet rising global demand, Reuters reports. 

Brent crude hit a session high of $77.84, a level not seen since October 2018, before losing momentum and easing to trade 25 cents, or 0.3% lower, at $76.91 a barrel by 1149 GMT.

U.S. West Texas Intermediate (WTI) crude futures traded up 75 cents, or 1%, at $76.91, after reaching $76.98 earlier in the session, the highest since November 2014.

Ministers from OPEC+, which groups producers from the Organization of the Petroleum Exporting Countries (OPEC) with Russia and others, abandoned talks on Monday as negotiations failed to close divisions within the group.

No date for further talks has been announced.