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Oil retreats from $70 highs but set for fourth week of gains

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Oil prices edged lower on Friday after hitting a three-year high the previous day, but the benchmarks remained on track for a fourth straight week of gains.A drawdown in U.S. inventories and a pullback in production, combined with steady demand and the extension of OPEC's global supply cut agreement, has bolstered the oil-market rally for several weeks, helping push Brent crude through $70 a barrel for the first time since December 2014. Russia's Lukoil Chief Executive Vagit Alekperov said Russia - part of the global agreement with the Organization of the ...

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First Published: Fri, January 12 2018. 22:23 IST