The price of oil topped $70 per barrel on Monday after bottoming at $26 in early 2016 (Energy Info. Admin—EIA).
Forces supporting prices—
The agreement by OPEC and Russia to reduce production has helped mop up the global glut.
A growing U.S. and global economy increases demand for oil.
Declining production from Venezuela further hinders supply.
Conventional oil projects that boost supply can take years to develop.