WASHINGTON (dpa-AFX) - Crude oil prices Thursday amid lingering expecations that OPEC will further reduce supplies.
Venezuela and Nigeria are among the cartel members beset by political turmoil, while Iran may be hit with harsh U.S. sactions that could effect the oil industry.
Meanwhile, the IEA says global oil demand will weaken if prices continue to rise.
'The recent jump in oil prices will take its toll,' said the agency.
WTI light sweet was down 10 cents at $71.37 a barrel at last check, off its early highs but still near a recent 4-year peak. London's Brent crude touched $80 a barrel for the first time since 2014.
Alberta has passed a law allowing the province to block oil shipments to British Columbia in retaliation for resistance to the Trans Mountain pipeline.
'Alberta will be equipped with new tools to assert our rights to control the flow of our resources to British Columbia,' Rachel Notley said Wednesday.
'Albertans, British Columbians and all Canadians should understand that if the path forward for the pipeline through B.C. is not settled soon, I'm ready and prepared to turn off the taps.'
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