Oil prices have risen above $70 per barrel (bbl) for the first time since 2014 as investors bet supply cuts led by OPEC will dominate the market this year.
But some traders are sounding a warning—the world’s biggest crude-consuming region, Asia, is showing signs of an impending downward correction.
Prices for Brent crude oil futures, the international benchmark for oil prices, have risen by more than 50% since mid-2017 and hit $70/bbl this week for the first since December 2014. Average Asian physical crude oil prices also moved over $70/bbl in January.
Source: Oil & Gas Investor