MTECHTIPS;-Crude Oil Futures – Weekly Outlook: January 16 – 20

MTECHTIPS;-Crude Oil Futures – Weekly Outlook: January 16 – 20

MTECHTIPS- Oil futures finished lower on Friday, logging their first weekly decline in five weeks amid doubts over the implementation of a planned deal by global crude producers to scale back output. On the New York Mercantile Exchange, crude oil for delivery in February shed 64 cents, or about 1.2%, to end at $52.37 a barrel by close of trade Friday. For the week, New York-traded oil futures lost $1.62, or around 3%, after posting gains in each of the previous four weeks. Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery slumped 56 cents, or 1%, to settle at $55.45 a barrel by close of trade. London-traded Brent futures logged a loss of $1.37, or approximately 2.4%, on the week. January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. The deal, if carried out as planned, should reduce global supply by about 2%. However, some traders remain skeptical that the planned cuts will be as substantial as the market currently expects

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