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Brent crude hits $70 on Russia, Opec cuts, ignores North American rig gains

ANZ bank said on Monday oil prices had recently risen on data that continued to show the market is tightening

Reuters  |  Singapore 

Brent crude oil prices rose to $70 a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in US and Canadian drilling activity that points to higher future output in North America. Brent crude futures, the international benchmark for oil prices, were at $70 per barrel at 0558 GMT, up 13 cents from their last close. US West Texas Intermediate (WTI) crude futures were at $64.53 a barrel, up 23 cents. Both benchmarks last week reached levels not seen since December 2014, with Brent touching $70.05 a barrel and WTI reaching as high as ...

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First Published: Mon, January 15 2018. 12:21 IST
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