Oil Nears $70 Despite Rising U.S. Output

The price of oil touched $70 today.  The rise may be attributed to a tightening supply from OPEC and Russia.  While U.S. supplies have been expanding, they have yet to stop the upward trend.

Reuters reports that, “Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that prices can be sustained near current levels.”