MTECHTIPS:-Crude Oil Futures – Weekly Outlook: January 23 – 27

MTECHTIPS:-Crude Oil Futures – Weekly Outlook: January 23 – 27

MTECHTIPS- Oil futures finished higher on Friday, logging a modest weekly gain with traders encouraged by signs that global supply is tightening in wake of a planned agreement by major crude producers to cut output. On the ICE Futures Exchange in London, Brent oil for March delivery rallied $1.33, or about 2.5%, to settle at $55.45 a barrel by close of trade Friday. London-traded Brent futures scored a gain of 4 cents, or approximately 0.1%, on the week. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in March jumped $1.10, or around 2.1%, to end at $53.22 a barrel by close of trade. For the week, New York-traded oil futures rose 5 cents, or nearly 0.1%. Oil jumped on Friday after Saudi Arabia’s Energy Minister Khalid al-Falih, speaking at the World Economic Forum in Davos, said that 1.5 million barrels a day of the roughly 1.8 million in cuts pledged by OPEC and non-OPEC countries have already been taken out of the market. The upbeat comments added to signs that the oil market is Prices, however, finished off the session’s highs after data showed a sharp weekly rise in the number of active U.S. rigs drilling for oil.
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