Oil price gushes towards $70 a barrel

Grant Smith The price of crude oil rose to almost $70 a barrel, a level last breached in November, as global crude supplies tightened, while hopes for an end to the US-China trade impasse lifted financial markets.

The price of crude oil rose to almost $70 a barrel, a level last breached in November, as global crude supplies tightened, while hopes for an end to the US-China trade impasse lifted financial markets.

Brent crude’s rapid recovery this year — with the biggest quarterly gain in almost a decade — is a victory for the production cuts made by Opec and its allies.