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Oil Rises on Tighter Supply Despite Strong Dollar

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Brent oil prices rose on Thursday, resuming their climb toward $70 per barrel as expectations of tight global supply outweighed pressure from rising U.S. production and less robust global demand indicators.

International benchmark Brent futures rose 34 cents to $69.65 by 11:28 a.m. EDT (1528 GMT). Brent touched $69.96 on Wednesday, the highest since Nov. 12, when it last traded above $70.

West Texas Intermediate graph

U.S. West Texas Intermediate (WTI) crude rose 13 cents a barrel to trade at $62.59. The contract hit $62.99 on Wednesday, also its highest since November.

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

via Reuters

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