Brent crude oil prices broke briefly above $70 per barrel on Monday, buoyed by continued production cuts by Russia and OPEC, and despite increased production by the United States and Canada. Last week Canadian energy firms doubled the number of rigs to 185, the highest level in 10 months. The U.S. also added 10 rigs last week, to a total of 752, the biggest increase since June 2017.

Brent crude hit $70.05 per barrel for the first time since December 2014, reported CNBC, before retreating below this critical price level to trade at $69.72 per barrel as of 5:14 p.m. HK/SIN. U.S. WTI futures were at $64.26 per barrel.

Analysts are split as to whether this move signals a trend higher or whether a reversal is brewing. According to reports out on Friday from the U.S. Commodity Futures Trading Commission (CFTC), there has been a recent increase in long positions on U.S. crude futures largely driven by hedge fund managers, but others are concerned that the continued addition of U.S. oil rigs will drive prices lower, perhaps even back to $60 territory. It is no secret that President Trump plans to raise oil production to record levels and to explore the U.S. Shelf for untapped resources, a move which may have negative impacts on pricing in the long run, despite OPEC’s best efforts.

Still, increased demand and continued geopolitical risks, combined with the weak U.S. dollar may continue to bolster price in the foreseeable future.