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WTI rallies to a 2019 high on global supply reductions

OPEC output down; US applies sanctions on Venezuela

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The WTI front-month contract rose $1.57 last week to settle on Friday at a 2019 high of $55.26/bbl. Prices were buoyed by sanctions on major US crude supplier Venezuela, a surprise drop in inventories, including motor gasoline, and a nearly 1 MMbo/d reduction in OPEC output in January. On Monday, Jan. 28, WTI fell $1.70 to $51.99/bbl. Global economic anxieties weighed down on oil prices that had risen 15% this year. Much of the concern is focused on China, where the economy grew......
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