Crude oil prices fell to USD 70 per barrel on Thursday as the Fed pushed back against expected interest rate cuts this year, and US crude inventories rose unexpectedly by 1.1 mln barrels. However, the market remains optimistic about China’s demand for oil, with the IEA projecting a two mln barrel increase in daily global demand this year. Meanwhile, Russia will keep its output at reduced levels through June, according to deputy PM Alexander Novak.