Brent raised above USD 70 by cuts and sanctions

US sanctions against Iran and Venezuela's fuel export as well as production costs at OPEC support the price development, as it counterbalances concerns about the world economy.

Photo: Ritzau Scanpix/AP/Chuck Bennett

Oil prices have been consolidated Tuesday morning, when the price of a barrel of Brent, the European reference oil, stays above USD 70, a level it reached Monday evening, according to Reuters.

A barrel of Brent Tuesday morning costs USD 70.04 against USD 69.35 Monday afternoon. The US WTI oil was concurrently trading at USD 59.11 against 58.59 Monday afternoon.

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