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.

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