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    Thread: Oil traded higher in light of supply shortfalls, despite OPEC report

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      Default Oil traded higher in light of supply shortfalls, despite OPEC report

      Oil surged despite OPEC report as crude oil prices traded in the Green Zone on Wednesday, boosted by continued tightening of the global offer.

      The ongoing efforts by the Organization of Petroleum Exporting Countries (OPEC) and other major oil producers to curb global production and Washington's sanctions against Iran and Venezuela have supported the rise in oil values.

      In the meantime, OPEC's monthly report released earlier in the day said that the Organization adjusted the demand for oil in 2019 from 1.24 million barrels per day to about 1.21 million barrels per day compared to expectations last month.

      Market watchers also focused on the Energy Information Management (EIA) report due later today amid persistent fears of higher crude production in the United States.

      Oil rises despite OPEC report
      The WTI crude for May delivery rose 0.59%, trading at 64.36 dollars a barrel at 15:34 CET
      Brent crude for June delivery rose 0.37% to trade at $ 70.89 a barrel at 15:35 CET.


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