Oil prices rose for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from Opec-led supply cuts and US sanctions overshadowed a report showing an unexpected rise in US inventories.

Brent futures rose 36 cents, or 0.5%, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest since 12 November, the last time they traded above $70.

US West Texas Intermediate crude rose 26 cents, or 0.4%, to $62.84 cents a barrel, earlier rising to $62.90,