Analysts at ANZ noted the higher prices in oil.
"Brent crude futures, a very widely used benchmark, hit USD70/bbl for the first time in three years overnight. This is a result of strong global demand, reflecting the synchronised growth upswing, and supply constraints: production cuts by OPEC, and recently, unusually marked winter declines in US inventories.
Of course, the risk for OPEC countries is that if they over-achieve on pushing up prices, they will engender a boost in US shale production. The US is on track, after a 5% increase in production in 2017, to become the world’s largest oil producer within a couple of years, should Saudi Arabia and Russia continue to agree to curb their production."
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