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The number of the day is 70 dollars. The price of oil has broken through this level for a second time in just a few days and it hit a new three year high just a short while ago. Brent crude oil - which South Africa imports for fuel - rose above 70 dollars per barrel last Thursday, for the first time since December 2014. Today it pushed a little higher reaching 70 dollars and 12 cents early this evening. The rally is being fueled by signs that the market for oil is tightening - that there is less oil being supplied than what buyers want. And low supply always pushes up prices. The cartel of oil producing countries, OPEC, supported by Russia, has been reducing production through quotas. The cuts started in January last year and have seen a 13 per cent rise since early December. They're expected to last well into this year. The big debate now is whether the rally can continue. Some analysts are warning of a downward correction closer to 60 dollars per barrel because of all the oil drilling that is happening in the United States. Shale gas producers have been adding more rigs and higher prices boost their profits. In the meantime, however, this price of 70 dollars could mean that South Africans will see the price of fuel going up again. After five consecutive hikes petrol prices finally came down early this month. For more news, visit: http://www.sabc.co.za/news