Brent crude nears $70 as oil prices rise for fourth day on Opec supply cuts
Oil prices rose for a fourth day on Wednesday, with support from Opec-led supply cuts and US sanctions overshadowing an industry report showing an unexpected rise in US inventories last week.
Brent futures rose 35 cents, or 0.5 per cent, to $69.72 a barrel by 0207 GMT, after earlier reaching $69.87, the highest since Nov. 12 and within touching distance of $70.
US West Texas Intermediate crude rose 22 cents, or 0.4 per cent, to $62.80 cents a barrel, earlier rising to $62.90, the highest since Nov. 7.
“The production cuts by Opec plus are providing a nice backdrop here for higher prices and until we see U.S. production reassert itself, the easier move is higher for oil,” said Edward Moya, senior market analyst at OANDA.
