Oil

The rapid decline in inventories comes despite many refineries undergoing seasonal maintenance work ahead of peak summer demand.

The drop in production has led to a tightening in global inventories.

Russia is propping up the Maduro regime by buying Venezuelan oil, according to a former PDVSA executive.

Analysts said an economic slowdown could soon dent fuel consumption, holding back crude.

OPEC on Monday scrapped its planned meeting in April, effectively extending supply cuts.

Brent crude futures settled at $67.54 a barrel, rising 38 cents, or 0.6 percent.

The U.S. rig count is a little higher than a year ago.

The rebirth of the U.S. energy industry also reflects well on the fact that President Trump is making good on his promise to bring back manufacturing jobs and make America’s economy the envy of the world.

OPEC sources have said an extension of the supply-cutting pact beyond June is the likely scenario.

FBN’s Trish Regan on reports that China is trying to help the Maduro dictatorship fix Venezuela’s power grid.

The agency went ahead with the proposal over the objections of the oil industry.

A involuntary supply curbs in OPEC members, caused by unrest in Libya and U.S. sanctions on Iran and Venezuela, have also boosted prices.

Oil markets have been supported this year by ongoing supply cuts.