MTECHTIPS;-Oil prices settled higher on Wednesday

MTECHTIPS;-Oil prices settled higher on Wednesday

MTECHTIPS- Oil prices closed higher on Wednesday, reaching an 18-month high on optimism over the impact over the forthcoming production cuts by OPEC and aligned producers. Crude oil settled today at $53.91, down a cent per barrell, or 0.02%. The intraday peak fell short of the year’s high of $54.51 reached just weeks ago, on Dec. 12. Brent oil settled at $56.20, or 0.11 per barrel, or 0.22%. Oil prices have increased 25% since mid-November, helped by anticipation of a good outcome for OPEC’s supply cut and strong U.S. economic figures that have also bolstered equity prices. The Energy Information Administration (EIA), a division of the Department of Energy, is coming out with its final report on the year on Thursday. The report is delayed by a day, as it usually is issued on a Wednesday. The American Petroleum Institute (API) issued a report after the close of markets today, which will likely have an impact on the attitudes of market players on Thursday.

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