Brent crude oil prices rose above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on fuel exports from Iran and Venezuela outweighed concerns about an economic slowdown.
Front-month Brent crude futures, the international benchmark for oil prices, were at $70.24 at 06:02 GMT, up 13 cents, or 0.2%, from the last session's close, when they rose 2.1%.
U.S. West Texas Intermediate (WTI) crude futures were at $59.26 per barrel, up 63 cents, or 1.1%, from their last close on Friday. WTI did not trade on Monday due to a U.S. public holiday.
Prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East.
Source : Reuters