Oil Prices Rise 1% Amid OPEC Supply Cuts, US Sanctions On Venezuela

Oil prices rose by around 1 per cent on Wednesday as producer club OPEC said it had deeply cut supply in January and as US sanctions hit Venezuela's oil exports. 

US West Texas Intermediate (WTI) crude oil futures were at $53.64 per barrel at 0138 GMT, up 54 cents, or 1 per cent, from their last close. 

International Brent crude futures were up 0.9 per cent, or 53 cents, at $62.95 per barrel. 

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