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COMMENTARY

Hot money's pushing oil to US$70, but Opec should keep cool

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By choosing to act as the world's swing supplier, seeking to balance the volume of oil available against the amount needed by consumers, Opec and friends have thrown other producers a lifeline.

London

BRENT crude touched US$70 a barrel on Thursday, a level it last saw three years ago. That might start to look like a level where Opec could say that its work to rebalance the market is done.

After all, its output deal has done a pretty good job of draining surplus

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