Brent nears $70 as oil prices rise for fourth day GlobeBusiness
Oil prices rose for a fourth day on Wednesday, pushing Brent towards a nearly five-month high of $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected rise in U.S. inventories.
U.S. West Texas Intermediate crude rose 20 cents or 0.32 percent to $62.78, having hit $62.99, the highest since Nov. 7.“The psychologically important $70 a barrel threshold has proved a tough nut to crack for the Brent benchmark over the past few weeks,” PVM oil broker Stephen Brennock said. Oil prices have been supported for much of 2019 by efforts by the Organization of the Petroleum Exporting Countries and allies such as Russia, who have pledged to withhold around 1.2 million barrels per day of supply this year.Oil production from Russia fell to 11.3 million bpd last month, but missed the country’s target under the supply deal.
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