Oil reached new highs in London as OPEC members called for output curbs to continue, allaying concerns that the recent rally could weaken their commitment.
Brent crude closed above $70 a barrel for the first time in three years after Iraqi Oil Minister Jabbar al-Luaibi said Saturday that production curbs have contributed to stability in the market and should remain, echoing comments from Qatar and the United Arab Emirates. The global benchmark had only briefly breached the key level last week.
