MTECHTIPS:-Crude Oil Futures – Weekly Outlook: January 2 – 6

MTECHTIPS:-Crude Oil Futures – Weekly Outlook: January 2 – 6

MTECHTIPS- Oil futures finished with modest losses in the final trading session of 2016 on Friday, but scored the biggest annual gain since 2009 in wake of the landmark deal reached by the Organization of the Petroleum Exporting Countries and several non-OPEC members to reduce their output. On the ICE Futures Exchange in London, Brent oil for March delivery ticked down 3 cents, or less than 0.1%, to settle at $56.82 a barrel by close of trade Friday, not far from a 17-month high of $57.89 touched on December 12. London-traded Brent futures logged a gain of $1.66, or around 2.9%, on the week. The global benchmark saw an annual rise of 52%, which was its largest yearly rise since 2009. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in February dipped 5 cents, or about 0.1%, to end the week at $53.02 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 added 70 cents, or 1.3%. On a most-active basis, the U.S. benchmark futures contract saw a nearly 45% calendar-year rise, also its best year since 2009. Trading remained tepid ahead of the New Year holiday. Global oil markets will be closed Monday. Oil recovered sharply from its February bottom, when prices traded at a 13-year low of around $26-per-barrel, thanks to an agreement by global oil producers to curb production for the first time in eight years.

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