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Oil prices top $70 a barrel in London

Oil prices topped $70 a barrel in London for the first time in three years as production cuts by Opec and rising demand whittle away a global surplus.
      
Brent crude futures, used in the pricing of more than half the world’s oil, rose as much as 1.2 per cent to the highest since December 04, 2014. Prices rallied after the longest stretch of declines in US inventories during winter in a decade.
    
It marks a continued recovery for oil after it plunged below $30 a barrel at the start of 2016 on fears of over-supply and a worldwide economic slowdown.
 


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