Singapore: Oil prices rose on Wednesday as US sanctions against crude exporters Iran and Venezuela as well as ongoing supply cuts by producers have left markets relatively tight just as crude imports to China rose to a record for April.
US West Texas Intermediate (WTI) crude futures were at $61.90 per barrel at 0451 GMT on Wednesday, 80 cents, or 0.8%, above their last settlement.
Brent crude oil futures were at $70.29 per barrel, 41 cents, or 0.6%, above their last close.
With US sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight.
