Moves above $70 for the first time since May 25th
The price of crude oil is trading above the $70 for the first time since May 25th. The high just reached $70.27. The low today was as low as $67.72.
The US is encouraging allies to stop imports of Iranian oil to 0. That helped to kick the price away from the $69.56 level. That level was as swing high going back to April. The high on Friday and Monday stalled at $69.38 and $69.44 - just below that level. Close risk is at that level.
Iraq PM Abadi is on the wires saying they will carry on working with OPEC+ members to maintain a stable oil price and prevent further price hikes. He adds, oil prices above current levels can result in a price collapse.
