Oil Holds Above $70 Per Barrel As Geopolitics Eclipses Supply Outlook


Oil Holds Above $70 Per Barrel As Geopolitics Eclipses Supply Outlook

Oil rose on Tuesday, holding above $70 a barrel for a third day, supported by concerns that tensions in the Middle East could lead to supply disruptions, although with global output rising fast, investors remained cautious.

Brent crude futures were up 28 cents on the day at$70.40 a barrel by 0848 GMT, while West Texas Intermediate (WTI) crude futures were up 19 cents at $65.74 a barrel.

The oil price has risen by more than 7 percent so far this month and by  5.3 percent in the first three months of the year, putting it on track for a third consecutive quarterly gain, something the market has not witnessed since late 2010. Read More…

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