Oil Hits $70 A Barrel

The price of Brent crude, used as an international benchmark, has hit $70 a barrel for the first time in more than three years.

It marks a continued recovery for oil after it plunged below $30 a barrel at the start of 2016 on fears of over-supply and a worldwide economic slowdown.

Since then, the economic backdrop has improved and many oil countries have cut their production.

Today’s jump comes after members of the oil cartel OPEC said they would stick with the output cuts that have bolstered prices.

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