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image: Reuters

Oil prices move higher as Venezuela supply crisis intensifies

June 6, 2018

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Oil prices moved a leg higher on Wednesday, extending the prior day’s gains after reports Venezuela may not deliver some of its contracted crude oil exports amid political upheaval.

Production and exports in Venezuela have recently been hit hard by political instability. That in turn has limited global supply, helping the Organization of the Petroleum Exporting Countries hit its target for reduced output faster than expected.

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