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SINGAPORE (Reuters) – Oil prices climbed on Wednesday on signs of gradual tightening in a market bloated by years of overproduction that has left storage tanks around the world brimming with unsold fuel.
Prices for front-month Brent crude futures, the international benchmark for oil, were at $54.28 per barrel at 0149 GMT, up 11 cents from their last close.
United - States - West - Texas - Intermediate
In the United States, West Texas Intermediate (WTI) crude futures were up 16 cents at $51.19 a barrel.
Traders said that slowly tightening market conditions were driving price rises, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output.
OPEC - Crude - Tankers - Ship - Movements
With most of OPEC’s crude exported on tankers, tracking ship movements can be a good gauge of market conditions.
Shipped oil supplies have reduced by as much as 17 percent since the beginning of the year, according to oil analysis firm Vortexa.
Reduction - Oil - Supply - January - Oil
“We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million barrels on Jan. 1 to 812 million barrels on...
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