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Brent nears $70 as oil prices rise for fourth day

Oil prices rose for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected rise in U.S. inventories.

Brent futures rose 36 cents, or 0.5 percent, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest since Nov. 12, the last time they traded above $70.

U.S. West Texas Intermediate crude rose 26 cents, or 0.4 percent, to $62.84 cents a barrel, earlier rising to $62.90, the highest since Nov. 7.

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