Oil prices rose on Wednesday, supported by concerns over tightening global suppl...
FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo
International benchmark Brent crude oil futures rose 21 cents, or 0.3 percent, to $71.93 a barrel by 0034 GMT. Brent earlier hit a fresh five-month high of 71.96 a barrel, the highest since Nov. 8 when prices topped $72 a barrel. WTI is up more than 40 percent this year and Brent up more than 30 percent, on the back of a deal between the Organization of Petroleum Exporting Countries and its allies including Russia to limit their output by 1.2 million barrels per day starting January.
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