OPEC says global oil glut virtually eliminated

LONDON (Reuters) - A global oil glut has been virtually eliminated, according to OPEC figures, thanks in part to an OPEC-led supply cut deal in place since January 2017 and fast-rising global demand.

Oil inventories in developed nations in March fell to stand 9 million barrels above the five-year average, OPEC said in a report on Monday. That's down from 340 million barrels above the average in January 2017.

"OPEC, as always, stands ready to support oil market stability, together with non-OPEC oil producing nations participating in the Declaration of Cooperation," OPEC said.

(Editing by Jon Boyle)