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Oil prices are rising and Brent is close to the $ 70 barrier

Oil prices have witnessed a remarkable rise as Brent crude approached the $ 70 per barrel barrier, supported by production cuts from major producers and optimism about the global economy. Brent crude futures for May were up 50 cents, or 0.72%, to reach $ 69.72 a barrel.

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US West Texas Intermediate crude for April was $ 66.13 a barrel, up by 52 cents, or 0.79 percent. The supply cuts come as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, decided earlier this month to extend most of the supply cuts until April. Investors are expecting China to release positive economic data on Monday, which supports stronger growth expectations in the world’s second largest oil consumer.