US oil prices top $70 a barrel for first time since 2014
The price of U.S. crude oil increased $1.01 and reached $70.73 a barrel on the futures market in New York for the first time since late 2014.
The international standard, Brent crude, was up $1.30 to $76.17 in London.
The Pueblo Chieftain reports through an Associated Press story that analysts said the increase has been driven mostly by strong demand and limits on production. But, they said, a contributing factor is concern that Iranian oil exports will fall if the U.S. withdraws from a 2015 deal that eased sanctions on Iran in exchange for limits on its nuclear program. Also, U.S. stockpiles of crude are down from this time last year, according to the report.
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The national average for gasoline is $2.81 a gallon, according to the auto club AAA with pump prices up 15 cents from a month ago and 46 cents from a year ago.
The price of U.S. crude oil increased $1.01 and reached $70.73 a barrel on the futures market in New York for the first time since late 2014.
The international standard, Brent crude, was up $1.30 to $76.17 in London.
The Pueblo Chieftain reports through an Associated Press story that analysts said the increase has been driven mostly by strong demand and limits on production. But, they said, a contributing factor is concern that Iranian oil exports will fall if the U.S. withdraws from a 2015 deal that eased sanctions on Iran in exchange for limits on its nuclear program.…
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