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We analyse the clustering of the Sloan Digital Sky Survey IV extended Baryon Oscillation Spectroscopic Survey Data Release 16 luminous red galaxy sample (DR16 eBOSS LRG) in combination with the high redshift tail of the Sloan Digital Sky Survey III Baryon Oscillation Spectroscopic Survey Data Release 12 (DR12 BOSS CMASS). We measure the redshift space distortions (RSD) and also extract the longitudinal and transverse baryonic acoustic oscillation (BAO) scale from the anisotropic power spectrum signal inferred from 377 458 galaxies between redshifts 0.6 and 1.0, with the effective redshift of zeff = 0.698 and effective comoving volume of 2.72Gpc3. After applying reconstruction, we measure the BAO scale and infer DH(zeff)/rdrag = 19.30 ± 0.56 and DM(zeff)/rdrag = 17.86 ± 0.37. When we perform an RSD analysis on the pre-reconstructed catalogue on the monopole, quadrupole, and hexadecapole we find, DH(zeff)/rdrag = 20.18 ± 0.78, DM(zeff)/rdrag = 17.49 ± 0.52 and fσ8(zeff) = 0.454 ± 0.046. We combine both sets of results along with the measurements in configuration space and report the following consensus values: DH(zeff)/rdrag = 19.77 ± 0.47, DM(zeff)/rdrag = 17.65 ± 0.30 and fσ8(zeff) = 0.473 ± 0.044, which are in full agreement with the standard ΛCDM and GR predictions. These results represent the most precise measurements within the redshift range 0.6 ≤ z ≤ 1.0 and are the culmination of more than 8 yr of SDSS observations. ; HG-M acknowledges the support from la Caixa Foundation (ID 100010434) which code LCF/BQ/PI18/11630024. RP, SdlT, and SE acknowledge support from the ANR eBOSS project (ANR-16-CE31-0021) of the French National Research Agency. SdlT and SE acknowledge the support of the OCEVU Labex (ANR-11-LABX-0060) and the A*MIDEX project (ANR-11-IDEX-0001-02) funded by the 'Investissements d'Avenir' French government program managed by the ANR. MV-M and SF are partially supported by Programa de Apoyo a Proyectos de Investigación e Inovación Teconológica (PAPITT) no. IA101518, no. IA101619 and Proyecto LANCAD-UNAM-DGTIC-136. GR acknowledges support from the National Research Foundation of Korea (NRF) through Grants No. 2017R1E1A1A01077508 and No. 2020R1A2C1005655 funded by the Korean Ministry of Education, Science and Technology (MoEST), and from the faculty research fund of Sejong University. SA is supported by the European Research Council through the COSFORM Research Grant (#670193). E-MM is supported by the European Research Council (ERC) under the European Union's Horizon 2020 research and innovation programme (grant agreement No 693024). ; Peer reviewed