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Oil Climbs as Venezuelan Unrest Shoves Aside U.S. Supply Surge

  • WTI rises 1% as constitutional crisis roils major crude source
  • Traders shrug off 8 million-barrel build from shale boom
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Goldman Sachs's Currie Sees Brent at $67.50 a Barrel in 6 Months
Updated on

Oil climbed as growing instability in Venezuela outweighed fresh reminders of the American shale boom.

Futures in New York gained 1 percent on Thursday as Venezuelan President Nicolas Maduro defied calls from the U.S. and other nations to cede control of the Latin American country that holds the world’s biggest crude reserves. The fortress-like U.S. embassy on a Caracas hilltop may become a flashpoint after Maduro’s order for American diplomats to evacuate was ignored.