Brent nears $70 as oil prices rise for fourth day
LONDON - Oil prices steadied on Wednesday after Brent pushed towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and U.S. sanctions, with gains capped by a surprise increase in American inventories.
U.S. West Texas Intermediate crude rose a cent to $62.59, having briefly hit $62.99, the highest since Nov. 7. 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.
But despite also being under U.S. sanctions, Venezuela’s state-run energy company, PDVSA, kept oil exports near 1 million bpd in March, PDVSA documents and Refinitiv Eikon data showed.
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