MTECHTIPS;-Crude Oil Futures – Weekly Outlook: December 19 – 23

MTECHTIPS;-Crude Oil Futures – Weekly Outlook: December 19 – 23

MTECHTIPS- Oil futures finished higher on Friday, turning positive for the week amid indications that major crude producers are adhering to their promise to pull back on output. On the ICE Futures Exchange in London, Brent oil for February delivery jumped $1.19, or 2.2%, to settle at $55.21 a barrel by close of trade Friday, not far from a 17-month high of $57.89 touched earlier in the week. London-traded Brent futures logged a gain of 88 cents, or 1.6%, on the week. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in February tacked on 98 cents, or 1.9%, to end the week at $52.95 a barrel, within sight of a one-and-a-half-year peak of $54.51 logged on December 12. For the week, New York-traded oil futures rose 40 cents, or 0.8%. Russian Energy Minister Alexander Novak said on Friday that all Russian oil companies have agreed to cut crude output under Moscow’s agreements with members of the Organization of the Petroleum Exporting Countries. In addition, Kuwait reportedly notified customers that it would cut supplies from January as part of an effort by OPEC to stabilize the oil market

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