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Oil moves higher on OPEC comments

Oil prices settled higher on Monday after OPEC said the global oil oversupply is essentially gone, with Brent crude up $1.11 to close at $78.23, while West Texas Intermediate traded at a $7.28 discount to Brent, the widest since Dec. 12. However, Walter Zimmerman, chief technical analyst at ICAP Technical Analysis, warned that higher prices could prompt drillers in the Lower 48 states to start bringing online their 7,700 drilled but uncompleted wells.

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