Oil falls below $70 a barrel

Oil fell below $70 a barrel yesterday as the United States urged the Organisation of Petroleum Exporting Countries, OPEC, and its oil-producing partners to boost output, going further to state that the current production was not enough and could threaten the global economic recovery.

Brent Crude traded at $69.83, a decline of 0.80 cent, while the United States West Texas Intermediate (WTI) crude dropped $0.62, or 0.92 per cent, to $67.69 a barrel. Nigeria’s grade of crude oil Bonny Light traded at $69.79 per barrel.

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