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Brent crude settles below $70/barrel as global inventories tighten

Reuters  |  HOUSTON 

By Bryan SimsHOUSTON (Reuters) - Oil prices retreated from big gains on Thursday, but still managed to settle at three-year highs after the global Brent benchmark hit $70 a barrel on signs of tightening supply in the United States.Brent crude futures settled 6 cents higher at $69.26 a barrel, after hitting $70.05 a barrel during the session, its highest level since November 2014. Brent's settlement still represents a three-year closing high. Brent has gained 5 percent since the beginning of the year, picking up from its late-year surge. U.S. West Texas Intermediate (WTI) crude futures ...

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First Published: Fri, January 12 2018. 03:09 IST
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