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Stronger-Than-Anticipated Demand And Cuts In Supply As Opec Producers Reduce Bloated Inventories

Stronger-Than-Anticipated Demand And Cuts In Supply As Opec Producers Reduce Bloated Inventories

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Oil prices soared today, with Brent crude approaching US$60 a barrel, its highest in more than two years.
Traders say there is stronger-than-anticipated demand and cuts in supply as Opec producers have reduced bloated inventories.
The threat by Turkish president Recep Tayyip Erdogan to ‘”close the valves” on oil exports from Iraq’s Kurdish regions because of the independence referendum held on Monday has also pushed up prices.BM