Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the US-China trade impasse lifted financial markets. Brent crude’s rapid recovery this year — with the biggest quarterly gain in almost a decade — is a victory for the production cuts made by Opec and its allies. Yet by preventing the re-emergence of a supply glut, the group has stoked the ire of President Donald Trump and heightened the risk of legal moves against it in the US Rising prices may also influence White House decision-making on sanctions against cartel members Iran and Venezuela.
