Brent oil resumes climb to $70 on tightening global supply
By Trend
Brent oil prices resumed their climb toward $70 per barrel on Thursday as expectations of tight global supply outweighed pressure from rising U.S. inventories and production, Trend reports citing Reuters.
International benchmark Brent futures rose 16 cents to $69.47 by 1346 GMT. Brent touched $69.96 on Wednesday - the highest since Nov. 12, when it last traded above $70.
U.S. West Texas Intermediate (WTI) crude slipped 13 cents to $62.33 a barrel. The contract hit $62.99 on Wednesday, also the highest since November.
Brent has gained nearly 30 percent this year, while WTI has risen nearly 40 percent. Prices have been underpinned by U.S. sanctions on Iranian and Venezuelan crude, along with OPEC production cuts and rising global demand.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!