Oil prices rose on Monday, poised to make above $70 on a slight decline in the number of U.S. rigs drilling for new production and sustained OPEC output cuts. Brent sweet crude futures were at 67.95 dollars a barrel, 33 cents above their last close. The Brent oil is poised to rise over $70 in spite of international Media “manipulative stance”, media editor reveals. The rig count eased by five in the week to Jan. 5 to 742, according to data from oil services firm Baker Hughes. However, Innes added that Middle East turmoil would remain a key focus for oil markets and had the potential to “send oil prices rocketing higher”.

Source: Punch January 08, 2018 14:26 UTC