NEW YORK (Reuters) - 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 gained $1.11 to settle at $78.23 a barrel. West Texas Intermediate crude rose 26 cents to settle at $70.96. 

“You have the threat that a high enough price will start to activate the 7,700 drilled but uncompleted wells in the Lower 48 states,” said Walter Zimmerman, chief technical analyst at ICAP TA.

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