TODAY CRUDE OIL NEWS UPDATE

Oil prices rose for a fourth day on Wednesday, pushino ward a nearly five-month high of $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 gained 38 cents, or 0.55 percent, to $69.75 by 0900 GMT. They earlier reached $69.96 – the highest since Nov. 12, when they last traded above $70.U.S. West Texas Intermediate crude rose 20 cents or 0.32 percent to $62.78, having hit $62.99, the highest since Nov. 7.”The psychologically important $70 a barrel threshold has proved a tough nut to crack for the Brent benchmark over the past few weeks,” PVM oil broker Stephen Brennock said.

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