Crude oil prices bob above US$70

Crude oil prices have risen, straining to keep above the US$70 mark. Despite high oil inventories and persistent concerns over Europe's debt problems that could curb growth, crude rose 40 cents to US$70.44 a barrel. Total US crude inventories have been rising and stocks at the delivery hub for US futures contracts in Cushing are at a record high Adding to this is tensions between South Korea and North Korea over the sinking of a navy ship along with fresh concerns from China. On the supply side, oil markets remain well supplied with the Organization of the Petroleum Exporting Countries pumping about 2 mln bpd.OPEC officials have not yet called for any steps to sustain prices and has not called for any meetings until its meet in October.
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