Monday, 27 November 2017

Crude Oil Futures End At Fresh Two Week High On Friday

Crude oil futures ended at a fresh two week high on Friday on a report suggesting OPEC and Russia agreed on a plan to extend output curbs lifted sentiment. Traders also got some support with tighter supplies amid ongoing disruption to the Keystone pipeline. The Keystone pipeline leak has kept shipments from Canada's oil sands from reaching US Gulf refineries, but should be alleviated soon. Meanwhile, OPEC meets November 30 to decide whether to process with supply quotas.

Benchmark crude oil futures for December delivery ended higher by $0.93 or 1.6 percent at $58.95 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by 0.58 percent to $63.32 a barrel on the ICE.

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