Oil prices rise to $70 a barrel

0
51

Oil Barrels price

Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.

Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel at 0102 GMT, up 4 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at 64.59 dollars a barrel, up 12 cents .

In the latest sign of healthy global economic growth, Japanese manufacturing activity expanded at the fastest pace in almost four years in January, a survey showed on Wednesday.

Economic growth is translating into healthy oil demand growth, which comes at a time that OPEC and Russia lead production cuts aimed at tightening the market and propping up prices.

The deal to withhold output…



Read More…..PM News