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Oil Propelled Past $70 as Iraq Calls for Sticking to OPEC Cuts

  • Production curbs contribute to market stability, Minister says
  • Brent reaches $70.37 a barrel in London, highest in 3 years
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Citigroup Managing Director and Head of Commodities Research Ed Morse discusses the price and production of oil.(Source: Bloomberg)
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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.