Brent nears 2-year high as Opec, Russia improve compliance with output cuts

Brent futures, the international benchmark for oil prices, were at $61.15 per barrel, up 21 cents

Brent crude oil prices were near two-year highs on Wednesday as OPEC has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal.

Brent futures, the international benchmark for oil prices, were at $61.15 per barrel at 0504 GMT, up 21 cents, or 0.34 per cent, since their last close and near the $61.41 a barrel two-year high from intraday trading on Tuesday. Brent is up almost 38 per cent since its 2017-lows last June.

US West Texas Intermediate (WTI) crude was at $54.65 a barrel, up 27 cents, or 0.5 per cent, and close