Oil prices rise on OPEC supply cuts, U.S. sanctions on Iran, Venezuela

Oil prices rose on Wednesday, pushed up by ongoing supply cuts from producer cartel OPEC and U.S. sanctions against Iran and Venezuela.

International Brent crude oil futures were at $66.85 a barrel at 0341 GMT, up 18 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $57.12 per barrel, up 25 cents, or 0.5 percent, from their last settlement.

Oil prices have been pushed up this year by supply cuts led by the Middle East dominated producer group of the Organization of the Petroleum Exporting Countries (OPEC).

Markets have been further tightened by the implementation of U.S. sanctions against oil exports from OPEC-members Iran and Venezuela.

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