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Opec cuts, global demand propel oil to three-year high of $70

Brent hit $70.37 a barrel on Monday, its strongest since December, 2014, which marked the beginning of three years in the doldrums for oil prices

Reuters  |  SINGAPORE 

Brent crude prices consolidated recent gains at around $70 a barrel on Tuesday, a level not seen since 2014's dramatic oil market slump. Prices have been driven up by production curbs in OPEC nations and Russia, as well by robust demand on the back of healthy global economic growth. Brent crude futures, the international benchmark for oil prices, dipped 25 cents, or 0.36 percent, to $70.01 per barrel by 0455 GMT on Tuesday from the previous day's close. But traders said Brent was well supported overall around this level. Brent hit $70.37 a barrel on Monday, its ...

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First Published: Tue, January 16 2018. 12:12 IST