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Oil Briefly Reaches $70 as Buoyant Global Economy Bolsters Demand

January 16, 2018

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Tensions in Iran. Cold weather in the United States. A year of production cuts. With 2018 still young, there has been no shortage of reasons oil prices are pushing higher.

Prices for Brent crude, the international benchmark, have risen nearly 50 percent since June, briefly passing $70 a barrel in Asian trading on Tuesday before falling to $69.92. Stockpiles of oil that had built up for years are declining. And a buoyant global economy has bolstered demand, meaning prices could go higher still.

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