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Oil Closes at 3-Year High on Middle East Risks, OPEC Compliance

  • OPEC supply-cut compliance reaches record for 5th month
  • Trump says decision on Syria retaliation to come ‘fairly soon’
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IEA Executive Director Fatih Birol, discusses the potential impact of geopolitical tensions on oil.Source: Bloomberg
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Oil settled at the highest in more than three years on concern that escalating tensions in the Middle East could lead to conflict and disrupt supplies that are already being reduced by OPEC output cuts.

Futures in New York extended gains above $67 a barrel, having climbed 2 percent on Wednesday to the highest since December 2014. OPEC compliance with output cuts hit a record for a fifth consecutive month. Shipments from the group’s members are expected to fall in the four weeks through April 28, according to tanker-tracker Oil Movements.