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Crude Oil Above $71, Conoco Takes Venezuela Assets

Crude oil prices were slightly higher Monday, edging back toward last week's 4-year peak.

OPEC predicted strong demand from crude oil for the next year, helping fuel crude's modest rally.

The cartel downplayed the impact of the U.S. shale boom, but warned about U.S. trade squabbles.

"So far the impact on the global economy has been minor and negligible, but the build-up of potentially disruptive concerns has increased," OPEC said.

June WTI oil gained 26 cents, or 0.4%, to settle at $70.96/bbl.

ConocoPhillips will seize $636 million worth of assets held on Curacao by Venezuela's state oil company, PDVSA.

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