OIL PRICE: ABOVE $70 ANEW
REUTERS - Oil prices edged back towards five-month highs on Wednesday, supported by ongoing supply cuts by producer club OPEC and U.S. sanctions against oil exporters Iran and Venezuela.
International benchmark Brent futures were at $70.83 per barrel at 0056 GMT, up 22 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were at $64.26 per barrel, up 28 cents, or 0.3 percent, above their last settlement.
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