LONDON (Reuters) – Oil prices rose on Wednesday back toward five-month highs hit the previous day, as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased.

FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019. REUTERS/Christian Hartmann

International benchmark Brent futures were up 18 cents, or 0.25 percent, at $70.79 a barrel by 1220 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were up 32 cents, or 0.5 percent, at $64.30.

Oil markets have tightened this year because of U.S. sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known