Brent crude oil has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, per Clearview Energy Partners.

The hike is the latest in a series of accelerated output increases, as concerns mount over potential supply disruptions linked to Russia.

Brent crude oil has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, per…