Brent Crude Oil Tops $70 As Global Inventories Tighten

[Editor’s note: This story has been updated from a previous version posted at 7:45 a.m. CST Jan. 11.]

Oil prices rose about 1% to three-year highs on Jan. 11, pushing the global Brent benchmark past $70 a barrel (bbl), on further signs of tightening supply in the U.S. and expectations that OPEC’s output cuts would underpin the market.

Brent crude surged to $70.05/bbl, its highest since November 2014. As of 11:54 a.m. CST (17:54 GMT), the contract was trading 56 cents, or 0.8%, higher at $69.76. Brent has gained 5% since the beginning of the year, picking up from its late-year surge.

U.S. West Texas Intermediate crude futures rose 86 cents, or 1.4%, to $64.43, the highest since December 2014.
Source: Oil & Gas Investor