WASHINGTON (Alliance News) – Crude oil futures rose Tuesday, even as US stocks and other commodities melted down.
Oil has surged to 4-year highs amid speculation that OPEC will continue to cut production.
Saudi Arabia and other cartel members are choosing to limit output, while Venezuela’s oil industry is collapsing due to government problems.
ConocoPhillips will seize USD636 million worth of assets held on Curacao by Venezuela’s state oil company, PDVSA.
West Texas Intermediate oil for June ended up 35 cents, or 0.5%, at USD71.31/bbl.
The American Petroleum Insitute releases its crude oil inventories report this afternoon, followed tomorrow by the Energy Information Administration.
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