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Oil is rising … and Brent is above $ 70

Oil prices closed sharply higher to hit their highest levels since late January, as Brent crude was above $ 70, driven by Saudi energy minister’s comments.

“It requires OPEC members to continue to coordinate with Russia and other non-OPEC producers in terms of supply restraints in 2019 to reduce global oil stocks,” Saudi Energy Minister Khalid al-Falih said.

Brent crude futures closed at $ 1.45, or 2.10%, to settle at $ 70.36 a barrel, while US LME futures closed at $ 65.81 a barrel, up $ 1.51 or 2.35%.

The Organization of the Petroleum Exporting Countries and OPEC agreed in 2017 to reduce oil production by one million and 800 thousand barrels per day due to the large supply of crude oil at the time. Source