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Oil rises to its highest level in four months
11:26 - 14/03/2019
Information / Baghdad ..
Brent crude rose Thursday to its highest level since mid-November last year, driven by OPEC-led output cuts.
Brent crude futures for the year were $ 201.69 at $ 67.84 a barrel in Asian trading on Thursday, and $ 67.76 a barrel by 0660 GMT, up 21 cents, or 0.3 percent, from the previous close.
US West Texas Intermediate crude futures were $ 58.40 a barrel, up 14 cents, or 0.2 percent of the previous settlement price, and also close to the highest level since November 2018 in the previous session.
The Organization of Petroleum Exporting Countries (OPEC) and some outside producers, including Russia, have been holding back oil supplies since the beginning of the year to narrow the gap between supply and demand in world markets and support crude prices.
In Venezuela, oil production and exports have been hampered by a political and economic crisis that has caused major power cuts and shortages, while Washington has banned US companies from dealing with the Venezuelan government, including the state-owned PDSA.
Meanwhile, a weekly report by the US Energy Information Administration said US crude oil inventories in the United States fell last week as refinery production increased. Ending / 25
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