[size=36]Oil rises as supplies fall[/size]
Oil rose on Wednesday amid OPEC-led production cuts and US sanctions on Venezuela and Iran, while prices were under pressure from expectations of a slowing fuel economy soon.
Brent crude futures were $ 70.76 a barrel at 0652 GMT, up 15 cents, up 0.2 percent from the last closing price.
US WTI crude was $ 64.20 a barrel, up 22 cents, or 0.3 percent, from the latest settlement.
The crude rose on Tuesday to its highest level in five months, but growth concerns prompted them to retreat later.
Overall, supply in global markets has fallen this year due to sanctions on Iran and Venezuela, as well as cuts in supplies from OPEC and some outside producers such as Russia, the group known as OPEC.
As a result, Brent has risen nearly 30 percent and US crude has been around 40 percent since the beginning of the year.
"The global oil market is clearly returning to balance and credit for OPEC production cuts," ING said in a note. OPEC output fell 1.98 million bpd from its October level. "
The Dutch bank said the drop was not only due to the voluntary reduction of supplies that the group began this year to support prices but also because of US sanctions.
Bank of England (BNZ) said on Wednesday that Brent crude would rise to $ 79 a barrel