Oil price hits 3-year high of US$70 per barrel
12 January, 2018
The price of Brent crude has climbed to US$70 a barrel for the first time in three years.
Brent crude futures, which are used in the pricing of more than half the world’s oil, rose to the highest level since December 2014.
Analysts have attributed the rise to OPEC and Russia’s sustained production cuts and a decline in US crude inventories by almost 5m barrels as well as a reduction in its production levels.
Oil prices also rose in the US, with West Texas Intermediate crude increasing to US$64.51 a barrel.