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Oil briefly climbs above $70-per-barrel for first time in 3 years

Photo: Billal Bensalem / Getty

Brent crude oil prices rose above $70-per-barrel for the first time in a little over three years in trading yesterday before falling back slightly, while WTI, the U.S. crude benchmark, also rose to its highest levels since late 2014.

  • The latest: Via the Wall Street Journal, “Oil prices slipped off a three-year high on Friday after China reported a fall in monthly crude imports.”
  • Why it matters: Yes, prices remain modest compared to the first half of the decade, which saw prices above $100 in several years. But if prices keep climbing (a big if, to be sure), it could provide a political lift for the White House as it pushes for expanded industry drilling access.