Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude’s discount to global benchmark Brent widened to more than $7, its deepest in five months.  Global benchmark Brent was up $1.05 at $78.17 a barrel by 2:05 p.m. EDT and U.S. crude rose 19 cents to $71.17. The report from the Organization of the Petroleum Exporting Countries “was bullish. That absolute plunge in Venezuelan production … just highlights how tenuous the market is in terms of the supply and demand balance,” said John Kilduff, a partner at Again Capital LLC. The OPEC report, published Monday, showed Venezuelan production at its lowest in decades and said the global oil glut had […]