Brent oil resumes climb to $70 on tightening global supply

By  Trend

Brent oil prices resumed their climb toward $70 per barrel on Thursday as expectations of tight global supply outweighed pressure from rising U.S. inventories and production, Trendreports citing Reuters.

International benchmark Brent futures rose 16 cents to $69.47 by 1346 GMT. Brent touched $69.96 on Wednesday - the highest since Nov. 12, when it last traded above $70.

U.S. West Texas Intermediate (WTI) crude slipped 13 cents to $62.33 a barrel. The contract hit $62.99 on Wednesday, also the highest since November.

Brent has gained nearly 30 percent this year, while WTI has risen nearly 40 percent. Prices have been underpinned by U.S. sanctions on Iranian and Venezuelan crude, along with OPEC production cuts and rising global demand.