The price of brent crude oil rose to $70 per barrel yesterday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in United States and Canadian drilling activity that points to higher future output in North America.
Brent sweet crude futures, the international benchmark for oil prices, were at $70 per barrel at 0558 GMT, up 13 cents from their last close, while U.S. West Texas Intermediate (WTI) crude futures were at 64.53 dollars a barrel, up 23 cents.
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