Brent heads for $70 as oil prices enjoy fourth day of gains
Brent rises to $69.87 before easing on Opec-led supply cuts and US sanctions on Iran, Venezuela support
Tokyo — 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 35c, or 0.5%, to $69.72 a barrel by 2.07 GMT, after earlier reaching $69.87, the highest since November 12 and within touching distance of $70. US West Texas Intermediate crude rose 22c, or 0.4%, to $62.80c 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 US production reassert itself, the easier move is higher for oil,” said Edward Moya, senior market analyst at Oanda. Supply from the Organization of the Petroleum Exporting Countries hit a four-year low in March, a Reuters survey found earlier this week. Oil production from Russia, which has joined Opec in agreeing to supply cuts to prop up prices, fell to 11.3-million barrels per day (bpd) in Marc...
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