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Oil traded near $54 a barrel after earlier rising to the highest level in seven weeks as OPEC's top official said that the group intends to achieve full compliance with supply cuts.Oil has held above $50 a barrel since OPEC and 11 other nations started trimming supply to ease a global glut. The exporters group implemented about 90 percent of the pledged cuts last month and Goldman Sachs Group Inc. predicts the market will shift into deficit in the first half, although U.S. crude stockpiles have increased to the highest level in more than three decades.It's premature to say if OPEC should extends its supply deal beyond six months or deepen the cuts, and the pace of the decline in global oil inventories will determine OPEC's next move, he said.
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