Brent crude oil shed some of its recent gains by falling just over $1 a barrel on Tuesday but healthy demand underpinned prices near $70, a level not seen since 2014’s market slump. Prices have been driven up by oil production curbs in OPEC nations and Russia, as well as strong demand thanks to healthy economic growth. Brent futures LCOc1 fell by $1.08, or 1.54 percent, to $69.18 per barrel by 1108 GMT. Traders said Brent was well supported overall at around $70. Brent hit $70.37 on Monday, a high from December 2014, when markets were at the beginning of a three-year decline. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.87 a barrel, down 43 cents, or 0.67 percent. WTI hit a December 2014 peak of $64.89 in early trading. “The market is hitting technical resistance. We need to see a confirmation of […]