Oil prices were near their highest level for the year mid-week as Opec-led supply cuts and US sanctions against Iran and Venezuela outweighed the rise in US crude inventories.
Brent crude was trading at $69.96 per barrel mid-week, the highest level since mid-November — the last time prices were near the $70 per barrel mark.
Prices steadily increased since the start of the week, when Brent was trading at $67.92
