Oil Reaches $70 a Barrel for First Time in Three Years

U.S. crude stockpiles fall for an eighth week, EIA data show
Brent rises 1.2% to $70.05 a barrel, highest since Dec. 2014

Bloomberg’s Stuart Wallace discusses brent crude oil touching $70 a barrel for the first time since December 2014.(Source: Bloomberg)

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By Grant Smith and Ben Sharples

January 11, 2018 at 4:32 PM UTC

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Oil topped $70 a barrel in London for the first time in three years as production cuts by OPEC and rising demand whittle away a global surplus.

Brent crude futures, used in the pricing of more than half the world’s oil, rose as much as 1.2 percent to the highest since Dec. 4, 2014. Prices rallied after the longest stretch of declines in U.S. inventories during winter in a decade.