Oil prices rose on Wednesday back toward five-month highs hit the previous day, as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased.
International benchmark Brent futures were up 18 cents, or 0.25 percent, at $70.79 a barrel by 1220 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were up 32 cents, or 0.5 percent, at $64.30.
Oil markets have tightened this year because of U.S. sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+.
Brent and WTI crude oil futures have risen by about 30 percent and 40 percent respectively since the start of the year.
via Reuters
