As oil hits US$70, warning lights flash in Asia

Singapore

OIL prices have risen above US$70 per barrel for the first time since 2014 as investors bet supply cuts led by the Organization of the Petroleum Exporting Countries (Opec) will dominate the market this year.

But some traders are sounding a warning - the world's biggest crude consuming region, Asia, is showing signs of an impending downward correction.

Prices for Brent crude oil futures, the international benchmark for oil prices, have risen by more than 50 per cent since mid-2017 and hit US$70 p…