The Brent oil price climbed to the highest level in the last four months on Thursday, backed by OPEC’s cuts in production and US sanctions against Venezuela and Iran, Reuters reports.

This surge was also driven by an unexpected fall in US oil stocks and production, according to traders. Brent crude contracts reached the highest level this year, at $67.84 a barrel, during the Asian market trading, standing at $ 67.76 per barrel at 06:05 GMT, up 0.3% vs. Wednesday closing, according to News.ro.

The West Texas Intermediate (WTI) oil price rose 0.2% against the previous one, to $58.4 a barrel, close to the peak of the last four months – reached the previous day.