Oil prices climbing towards five-month high

By Zeynep Beyza Kilic

ANKARA (AA) - Global oil prices are pushing towards their highest levels in five months, with Brent nearing $70 and American benchmark West Texas Intermediate (WTI) reaching towards $63.

International benchmark Brent crude increased to $70 on Wednesday, while WTI saw prices of $62.85.

Oil prices have been on the fall since last November when Brent peaked at $71.88 on Nov. 12 and WTI reached $63.18 on Nov. 7.

Tight global supply is pushing prices higher.

As the U.S. is pressuring countries to follow its lead on sanctions against Iran and Venezuela, low output from both countries are fueling the rise in oil prices.

Production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and other major producers are also forcing oil prices higher.

In December, OPEC and some non-OPEC countries agreed to lower their collective output by 1.2 million barrels per day for the first half of 2019.

Market players are awaiting fresh inventory data on Wednesday from the Energy Information Administration.