London — Oil rose on Tuesday, holding above $70 a barrel for a third day, supported by the concern that tension in the Middle East could lead to supply disruptions, although, with global output rising fast, investors remained cautious. Brent crude futures were up 28c on the day at $70.40 a barrel by 8.48am GMT, while West Texas Intermediate (WTI) crude futures were up 19c at $65.74 a barrel. The oil price has risen by more than 7% so far in March and by 5.3% in the first three months of the year, putting it on track for a third consecutive quarterly gain, something the market has not witnessed since late 2010. Geopolitics and the expectation of the world’s largest exporters controlling supply have helped push Brent above $70 this year for the second time since late 2014, but analysts said this strength might not persist for long. "The recent rally in oil prices might have taken some by surprise as the underlying fundamental picture does not justify Brent being close to $70 a barrel....
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