Oil above $70 on ME crisis
LONDON: Oil rose above $70 a barrel on Thursday, adding to sharp gains the previous session, on rising tensions in the Middle East and supply concerns in the United States.
London Brent crude, currently seen as the best indicator of the global market,
climbed 46 cents to $70.40 a barrel by 1100 GMT. US crude rose 20 cents at $66.46. “There are a lot of medium term issues, mostly geopolitical, that are making it difficult for the market to sell lower,” said Geoff Pyne, analyst at London-based Energy Ltd.
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