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Oil stands at $ 70, its highest since 2014
10:00 - 12/01/2018
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Oil prices fell on big gains but managed to close at their highest level in three years after global benchmark crude hit the Brent crude at $ 70 a barrel on signs of supply shortfalls in the United States.
Brent crude for the day closed at $ 69.26 a barrel at $ 70.05 a barrel, its highest level since November 2014.
Despite this, Brent recorded the highest close in three years.
The world benchmark has gained 5 percent since the beginning of the year, continuing a jump from late last year.
US benchmark WTI futures rose 23 cents to settle at $ 63.80 a barrel, the highest level since December 2014.
Oil continues to rise thanks to a steady and substantial decline in world supply, especially in the United States, the world's largest consumer.
The US Energy Information Administration said on Wednesday that crude stocks in the United States fell by about 5 million barrels last week to reach 419.5 million barrels, and slowed production by about 300 thousand barrels per day.
Prices have also been supported by OPEC-Russia output cuts, which are expected to continue until the end of 2018. [25]
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