Brent crude oil prices consolidated above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran's and Venezuela's fuel exports outweighed concerns about an economic slowdown.
Front-month Brent crude futures, the international benchmark for oil prices, were at $70.14 at 0218 GMT, 3 cents above the last session's close, when Brent rose 2.1%.
U.S. West Texas Intermediate (WTI) crude futures were at $59.21 per barrel, up 58 cents or 1% from their last close on Friday. WTI did not trade on Monday due to a public holiday in the United States.
Prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year.
OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy going forward.
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