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

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.


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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