Oil nudges $70 as hopes grow for global recovery

DUBAI: The price of crude oil is nudging $70 a barrel for only the second time in over a year as hopes grow of a resurgent global economy.
Brent crude, the global benchmark, traded within a few decimal points of $70 on Wednesday on a raft of positive economic news, including the International Monetary Fund’s forecast that growth next year would hit 6 percent, the highest in four decades.