Oil rises amid OPEC supply cuts, U.S. sanctions
SINGAPORE - Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and U.S. sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption.
International benchmark Brent futures were at $70.66 per barrel at 0158 GMT, up 5 cents from their last close. As a result, Brent and WTI crude oil futures have risen by around 40 percent and 30 percent respectively since the start of the year. The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this year to prop up prices.
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