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Oil prices in the international market blazed past $70 mark on Monday, setting new year-highs. Benchmark Brent crude futures rose 0.5%, to $70.67 per barrel. U.S. WTI crude futures also gained 0.5%, and were traded at $63.41 per barrel. In the last couple of weeks, oil prices have climbed on the back of the OPEC-led supply cut and US sanctions on Venezuela and Iran.