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Brent crude trades at USD71.44/bbl off a high...>

OIL
OIL: Brent crude trades at USD71.44/bbl off a high of USD71.68/bbl while WTI has
edged down to USD64.31/bbl from a high of USD6431/bbl
- US crude oil inventories increased by 7.03mln barrels last week according to
data published by the Energy Information Administration. The 1.6% rise has
partially offset the impact of OPEC production cuts.
- Venezuela has informed OPEC that oil production has fallen to a new long-term
low as rolling blackouts and US sanctions take their toll. It is reported that
Venezuela produced 960,000bdp in March, which is down by 500,000bpd from
February.
- It is reported that OPEC members have decided to cancel next week's meeting to
discuss production levels and will meet on June 25-26 instead.

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