• Brent exceeds $ 70, supported by OPEC cuts and sanctions Iran and Venezuela


    *SINGAPORE (Reuters)


    Brent crude exceeded $ 70 a barrel on Tuesday as OPEC-led supply cuts and US sanctions on Iran and Venezuela continued.

    By 02:18 GMT, Brent crude for the benchmark rose 3 cents to $ 70.14 a barrel from the previous close, when Brent rose 2.1 percent.

    US West Texas Intermediate crude futures rose 58 cents to $ 59.21 a barrel from Friday's close. Contracts were not traded Monday due to a public holiday in the United States.

    Prices have been supported by a reduction in supply led by the Organization of the Petroleum Exporting Countries (OPEC) since the beginning of the year.

    OPEC is scheduled to meet with its allies, including Russia, on June 25-26 to discuss production policy.

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