Oil Prices Rise To 70 Dollars On Strong Economy Amid Opec’s Supply Restrictions

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Oil Prices Rise To 70 Dollars On Strong Economy Amid Opec’s Supply Restrictions

Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the petroleum exporting countries and Russia.

Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel, up 4 cents from their last close.

US West Texas intermediate crude futures were at 64.59 dollars a barrel, up 12 cents.

In spite of the overall supportive market conditions, which have seen crude futures rally by almost 15 percent since early December, there are signs that traders are preparing for a downward correction.

One way of doing that is to take out so-called put options on crude futures contracts, which give a trader the right, but not the obligation, to sell at a certain price

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