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The International Energy Agency announced that OPEC has achieved 90% of the cuts it agreed to in its November pact, and demand has been growing faster than they expected, per Bloomberg. Oil futures climbed as much as 1.1% in New York on the positive news.
What's next: The IEA also boosted its guidance for 2017 as it expects an increase of 1.4 million barrels a day this year. The IEA expects world oil inventories will fall by 600k barrels a day during the first half of the year if OPEC sticks to its agreement.