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Oil prices have surged above $70—here are 4 key reasons behind the rally

In recent months, oil prices have risen to levels not seen in 3 ½ years, reflecting a steady, albeit volatile, ascent to a fresh peak, after a global glut of crude sent energy markets into a tailspin in 2014. The recent rally comes amid the possible reinstatement of sanctions on Iran; however, a number of factors have fueled U.S. benchmark oil’s march to a perch above $70 a barrel.

The Organization of the Petroleum Exporting Countries’ efforts since the start of last year to curb global production have had the biggest influence on crude values, along with growing demand for oil and Venezuela’s output woes.

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