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Brent crude oil prices touched new year-highs today, buoyed up by OPEC-led supply cut and current US sanctions against Iran and Venezuela. Brent crude swelled up to $67.80 a barrel, before settling to $67.75 per barrel. U.S. WTI crude futures increased 0.2%, to $58.38 per barrel. Crude oil prices were also supported by a weekly report from EIA which showed a surprising plunge in US crude production and inventories.