Oil Rises to Highest This Year as OPEC Curbs Stoke Optimism
- WTI crude closes above key technical 200-day moving average
- Gains hold even after API is said to find jump in U.S. supply
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Crude advanced to the highest this year after a further reduction in supply from OPEC signaled that global markets are tightening.
Futures in New York added 1.6 percent on Thursday to close at the highest level since November. Declines in OPEC production are stoking optimism among investors as Saudi Arabia presses on with output curbs and power blackouts in Venezuela further squeeze supplies. Oil held its gains despite an industry report showing an unexpected jump in U.S. supplies last week.