U.S. oil prices crashed through the $70-a-barrel mark on Monday for the first time since late 2014, foreshadowing costlier gasoline and consumer goods. Analysts said the recent rally in oil prices has been driven mostly by strong demand and limits on production. Swonk believes that oil prices are not yet high enough to derail economic growth. And he believes that oil prices are heading much higher. Iran produces nearly 4 million barrels a day out of global total of about 98 million barrels per day.

Source: Fox News May 07, 2018 16:20 UTC