Oil price rises above $ 70

- Brent oil has exceeded $ 70 per barrel on Monday. Oil-producing countries within the cartel OPEC are seeking further restrictions on production while demand is increasing.

That will increase the pressure to raise prices at the petrol pump. The price of crude oil on the futures market came just above $ 70 last week. That is the highest point in three years.

The OPEC members produce 1.8 million barrels per day less this year. Iraqi minister Jabbar al-Luaibi for oil affairs reported on Saturday that these measures are working: the oil market is stabilizing, he says.

The falling American stocks are the main cause with speculation, according to ABN Amro. US stocks have fallen for the eighth week in a row.

Commercial banks Citigroup, Société Générale and JPMorgan Chase predict that the cartel might limit the measures halfway through the year. Iraq's statements would be a further sign that the price is going up, according to merchant Prices Futures.

'The number of outstanding contracts that speculate on price increases has never been so high,' says economist Hans van Cleef of ABN Amro about the hedge funds that see their chances clean.

With the oil price of $ 70, which stood at $ 27.88 per barrel in January 2016, the market feared an influx of more producers. Last week another ten platforms were opened. With a lot of supply, the price has to drop. Most market analysts believe that the rate has already gone too far upwards.