London — Oil prices rose on Wednesday, back towards five-month highs hit the previous day as oil cartel Opec production cuts and US sanctions on Iran and Venezuela continued to tighten supply, although economic worries increased. International benchmark Brent futures were at $70.92 a barrel at 9am GMT, up 31c, or 0.44%, from their last close. US West Texas Intermediate (WTI) crude oil futures were at $64.33 a barrel, up 35c, or 0.55%, from their last settlement. Oil markets have tightened this year because of US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by Opec and some non-affiliated producers including Russia, a group known as Opec+. Brent and WTI crude oil futures have risen by about 30% and 40%, respectively, since the start of the year. “The global oil market is clearly moving back towards balance thanks to Opec+ production cuts,” ING bank said. The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this...
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