Oil price goes above $70 a barrel for first time in over three years

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US crude oil prices have pushed above $70 a barrel for the first time in over three years as concerns have grown over supplies from Iran and Venezuela.

West Texas Intermediate, the US oil benchmark, reached $70.84 on Monday, up 1.6 per cent for the session and the highest level since November 2014. The North Sea’s Brent grade also reached a three-and-a-half year high of more than $76.

 

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