Oil surges

Singapore : Brent crude prices consolidated recent gains at around $70 a barrel on Tuesday, a level not seen since 2014´s dramatic oil market slump.

Prices have been driven up by production curbs in OPEC nations and Russia, as well by strong demand thanks to healthy economic growth.

Brent crude futures dipped 26 cents, or 0.4 percent, to $70 per barrel by 0624 GMT on Tuesday from the previous day´s close.

But traders said Brent was well supported overall around this level. Brent hit $70.37 a barrel on Monday, a December 2014 high, when markets were at the beginning of a three year-long slump. U.S. West Texas Intermediate (WTI) crude futures were at $64.48 a barrel, up 18 cents, or 0.3 percent from their last settlement. WTI hit a December-2014 peak of $64.89 a barrel in early trading.