On Thursday, Brent crude oil futures broke through $70 a barrel for the first time since December 2014. Robust global demand, OPEC output cuts and a series of geopolitical tensions have accelerated a rally that began in June, says a report from CNBC. However, analysts say it will be hard for oil prices to tack on gains from these levels.
Brent crude oil hit a more than three-year high on Thursday, breaking through the psychologically important $70 a barrel level for the first time since December 2014.
Oil futures failed to hold the gains, selling off as the close of trading approached, with analysts warning that the market might have little room left to run.
U.S. West Texas Intermediate crude finished the session up 23 cents at $63.80, after breaking through $64 a barrel for the first time since December 2014. The contract topped out at $64.77, a high going back to Dec. 8, 2014.