Oil rises ahead of weekly data for US stocks

The fundamentals have been driven by a rise in the futures prices of the Brent and West Texas Intermediate Commodity Brokers (WTI), about 13 percent above the levels recorded in early December, supported by OPEC and Russia production constraints and strong demand growth.

Brent crude futures closed at $ 69.38 a barrel at $ 69.38 a barrel, while the US benchmark was up 24 cents at $ 63.97.

Brent jumped to $ 70.37 a barrel on Monday, its highest level since December 2014, when three-year oil prices began to fall.

US crude hit $ 64.89 Tuesday, also the highest level since December 2014.

Traders say oil markets are generally well supported, and sharp declines in prices are unlikely.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia have been cutting production since January last year and cuts are expected to continue until the end of 2018.

These restrictions coincide with strong demand for oil.