Oil hits $70 as OPEC minister hints of further cuts

Highest level since December 2014

Tom Eckett
Oil price jump

Oil price jump

The price of oil rose to $70 a barrel on Thursday, its highest level since December 2014, after OPEC ministers re-iterated their stance on limiting the world's oil supplies.

According to CNBC, Suhail al-Mazrouei, the UAE oil minister and OPEC president, said the alliance between OPEC and non-OPEC producers, such as Russia, could continue beyond the December 2018 deadline in an attempt to stabilise oil markets. "I am expecting that this group of countries that stood and have become responsible for helping the market to correct, [that] there is a very good chance that they could stick together and put a shape around that alliance," al-Mazrouei told CNBC. On the news, Brent Crude briefly broke the $70 a barrel mark before returning to its current price of $6...

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