Brent rises for the third consecutive day

Brent prices kept rising as the US market opened on Tuesday to continue gains for a third straight day, based on the OPEC Plus alliance cuts, as well as US sanctions on supplies from Iran and Venezuela.

By 12: 00 GMT, Brent crude rose to $70.25 a barrel from the opening level of $69.97 and recorded a high of $70.57 and a low of $69.68.

Brent crude futures rose 1.1% in the second daily gain respectively, as recovery continued from a two-month low.

The rise in international crude prices is currently supported by OPEC-led cuts of about 1.2 million bpd, which began in January and will last until the end of June.

The Organization of the Petroleum Exporting Countries (OPEC) is due to meet with its allies, led by Russia, on June 25-26 to discuss production policy. Most forecasts suggest a six-month extension of the production cut agreement until the end of this year.

In addition to OPEC cuts, there are US sanctions on oil supplies from Iran and Venezuela, which have already reduced supplies on a large scale.