Oil near three-year high of $69.8/bbl on output cuts by OPEC, Russia

US West Texas Intermediate (WTI) crude futures were at $64.35 a barrel, up 5 cents from their last settlement

Oil prices held closely below December 2014 highs on Monday, supported by production cuts by OPEC and Russia, although the market was capped by a rise in US and Canadian drilling activity that points to higher future output in North America.

Brent crude oil futures rose to $70 a barrel on Monday, supported by cuts led by OPEC and Russia, although they dipped back to $69.80 a barrel by 0739 GMT, down 6 cents from their last close as the rise in North American drilling weighed.

US West Texas Intermediate (WTI) crude futures were at $64.35 a barrel, up 5 cents from