Oil prices rise for fourth day, approaches $70
Tokyo: Oil prices rose for a fourth day on Wednesday, with support from OPEC-led supply cuts and U.S. sanctions overshadowing an industry report showing an unexpected rise in U.S. inventories last week. Brent futures rose 35 cents, or 0.5%, to $69.72 a barrel, after earlier reaching $69.87, the highest since November 12 and within touching distance of $70.
US West Texas Intermediate crude rose 22 cents, or 0.4%, to $62.80 cents a barrel, earlier rising to $62.90, the highest since November 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.
