Oil reaches a 3-year high

OIL prices hit their highest level for more than three years after a surprise drop in production and lower stockpiles in America.

Brent crude tested $70 a barrel for the first time since December 2014 as data from the US Energy Information Administration showed inventories fell by nearly 5 million barrels to 419.5 million in the week to January 5. Production fell by 290,000 barrels a day to 9.5 million as freezing temperatures halted some onshore output in North America.

Prices were further underpinned by the Opec cartel of producers saying they would stick with output cuts until the end of this year.