Oil prices ease from 3-year highs after Brent crude rockets above $70 a barrel

Brent crude oil hit a more than three-year high on Thursday, breaking through the psychologically important $70 a barrel level for the first time since December 2014.

Oil futures failed to hold the gains, selling off as the close of trading approached, with analysts warning that the market might have little room left to run.

Brent, the international benchmark for oil prices, was last up 6 cents at $69.26 a barrel. It earlier spiked to $70.05 in morning trade, touching its highest level since Dec. 4, 2014, when the contract hit $70.60.

U.S. West Texas Intermediate crude finished the session up 23 cents at $63.80, after breaking through $64 a barrel for the first time since December 2014. The contract topped out at $64.77, a high going back to Dec. 8, 2014.

Oil prices have been supported by stronger-than-expected demand fueled by worldwide economic growth, ongoing output limits by OPEC and Russia and a series of global events that have stoked geopolitical tension.
more at:  https://www.cnbc.com/2018/01/11/brent-crude-rockets-to-3-year-high-above-70.html