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Oil prices hover near five-month highs as global markets tighten

Oil prices rose to fresh 5-month highs on Tuesday as markets tightened amid OPEC-led supply cuts, U.S. sanctions against Iran and Venezuela, and escalating violence in Libya.

International benchmark Brent futures hit their strongest level since last November at $71.34 per barrel, before easing to $71.18 per barrel by 0452 GMT, still 8 cents, or 0.1 percent, above their last close.

U.S. West Texas Intermediate (WTI) crude oil futures also hit a November 2018 high, at $64.77 per barrel, before easing to $64.53, up 13 cents, or 0.2 percent.

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