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Brent crude tops $70 a barrel as global inventories tighten

Reuters  |  HOUSTON 

By Bryan SimsHOUSTON (Reuters) - Oil prices rose about 1 percent to three-year highs on Thursday, pushing the global Brent benchmark past $70 a barrel, on further signs of tightening supply in the United States and expectations that OPEC's output cuts would underpin the market.Brent crude surged to $70.05 a barrel, its highest since November 2014. As of 12:54 p.m. EST (1754 GMT), the contract was trading 56 cents, or 0.8 percent, higher at $69.76. 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: Thu, January 11 2018. 23:44 IST