Oil rose more than 1% on Tuesday, with benchmark Brent crude hitting US$70 a barrel for the first time in a week, boosted by healthy world economic growth prospects and expectations for continued production curbs by OPEC, Russia and their allies.
U.S. West Texas Intermediate (WTI) crude futures closed up 90 cents to $64.47 a barrel, for a gain of 1.4 percent. WTI reached its highest since December 2014 on Jan. 16 at $64.89.
|Source: Money CNN|
What this means?
For Singaporeans, expect to pay more for your electricity or anything that uses oil or petrol.
For oil-related companies, this means their businesses are picking up.