Oil prices hit 1-year high, cross $70

Bangkok: Oil prices pressed higher Monday after strikes on major oil facilities in Saudi Arabia, the world's largest oil exporter, shook energy markets already rattled by a decision by oil producers last week to not lift output. Brent crude, the international standard, surpassed $70 per barrel for the first time in over a year, gaining $1.14 to $70.47 a barrel. It surged $2.62 on Friday. Benchmark US crude oil added $1.10 to $67.19 per barrel, up 1.7 per cent, falling back from bigger gains earlier in the day. It jumped $2.26 to $66.09 per barrel on Friday. Prices have been recovering in the past few months after plunging last year with the onset of the pandemic.

The devastating winter freeze that hit Texas and other parts of the southern United States last month knocked out production of roughly 4 million barrels per day of US oil, pushing prices above $60 a barrel. Last week, with oil prices rising, some observers were expecting the OPEC cartel and its allies to lift more restrictions and let the oil flow more freely. But OPEC agreed to leave most restrictions in place, despite growing demand.