Oil is closing in on $70 for first time in over 3 years

pulse

April 19, 2018 2:27 PM

West Texas Intermediate is nearing $70 for the first time since November 2014.

The last time West Texas Intermediate cracked that level was November 2014.
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Oil continued its rally on Thursday, approaching $70 for the first time in more than three years.

West Texas Intermediate rose about 1% to $69.56 at session highs around 7 a.m. ET. It's currently up 0.63% at $69.18 a barrel. The last time it cracked $70 was in November 2014. Brent, the international benchmark, was trading at $74.14 at 8:51 a.m. ET.

Crude has been rallying this week amid rising supply concerns. On Wednesday, the US Energy Information Administration released a reportshowing oil inventories in the US fell by 1.1 million barrels last weekto about 428 million barrels. The drawdown was much bigger than expected.

targeting a crude price of $80 or even $100

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