Brent reaches $70 on output cuts

Brent reaches $70 on output cuts

On Monday, Brent crude rallied to $70 a barrel, underpinned by everlasting output cuts led by OPEC as well as Russia, and neglecting a soar in the US and also Canadian drilling activity, pointing to higher future output in North America.

Brent crude futures LCOc1 demonstrated an impressive $70 reading, gaining 3 cents from their previous settlement.

American West Texas Intermediate crude futures hit $64.53 a barrel, adding 23 cents.

The previous week both oil benchmarks hit levels not observed since December 2014 - Brent touched $70.05 a barrel, WTI hit $64.77.

On Monday, ANZ bank told that crude prices had recently soared on data, which kept showing the market is tightening.

Crude markets have been underpinned by output cuts led by the Organization of the Petroleum Exporting Countries as well as Russia. Both cuts are braced for propping up oil prices.

The cuts emerged in January 2017 and are set to continue through 2018. The cuts have coincided with healthy demand surge, spurring oil prices by more than 13% since December.

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