Oil Prices Are Set for Their Strongest January in 5 Years

Oil dipped on Monday as soaring North American production was seen undermining efforts led by OPEC and Russia to tighten supplies, but prices were still on track for their strongest start to the year in five years.

Brent crude futures held above $70 per barrel, but eased 23 cents on the day to $70.29 a barrel by 0943 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $66.24 a barrel, up 10 cents.

So far this month, the Brent crude price has risen by 6.3%, making this its...

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