Price of oil rises to $70 per barrel

London: Oil rose to nearly $2 on Friday after a global stock market rally.

US crude for November delivery rose $1.03 to $70.88 a barrel on Friday, a day after touching a low of $68.57.

London Brent crude gained 63 cents to $68.47.

Prices drew support from a decision by the Organisation of Petroleum Exporting Countries (OPEC) to bring its emergency meeting forward to next week, which has raised expectations of a supply cut.

Analysts said oil traders were also betting that OPEC would reduce supply to support prices when it meets next week.