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Crude Oil Higher On Dwindling OPEC Output

Crude oil futures continued to rise Tuesday morning ahead of US inventories data.

WTI light sweet oil was up 57 cents at $71.52 a barrel, having touched the highest in 4 years.

The rally has been fueled by speculation that OPEC will continue to cut production, particularly in the failing state of Venezuela.

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

Yesterday, OPEC 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.

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