Oil Crosses $70 Threshold in London as Worldwide Glut Dwindles
- Global benchmark rose to key level for first time in 3 years
- WTI rallies for fourth straight day as inventories shrink
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Oil briefly topped $70 a barrel in London for the first time in three years, as crude markets continued an almost unblemished run of gains for 2018.
The surge waned towards the end of the session, with the global Brent benchmark settling just 6 cents higher for a fourth day of gains. An eight-week long downward spiral in U.S. crude inventories has helped boost prices, with some analysts suggesting $80 is achievable if the Organization of the Petroleum Exporting Countries and its allies stay disciplined in limiting output.