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Oil prices continued its upward climb on Wednesday, supported by OPEC-led supply cut and US sanctions. Benchmark Brent crude futures gained 0.3% and were priced at $70.83 per barrel. West Texas Intermediate (WTI) crude futures also saw an increase of 0.3% and were traded at $64.26 per barrel. ING Bank said in a note that production from OPEC has dropped 1.98 million bpd from October levels.
