MTECHTIPS:-Crude Oil Futures – Weekly Outlook: February 6 – 10

MTECHTIPS:-Crude Oil Futures – Weekly Outlook: February 6 – 10

MTECHTIPS-Oil futures finished higher on Friday, logging a weekly gain, as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output. News that the U.S. imposed fresh sanctions on some Iranian individuals and entities, days after the White House put Tehran “on notice” over a ballistic missile test, further supported gains. On the ICE Futures Exchange in London, Brent oil for April delivery tacked on 25 cents, or about 0.5%, to settle at $56.81 a barrel by close of trade Friday. Prices climbed to a four-week high of $57.45 in the prior session. London-traded Brent futures scored a gain of $1.36, or approximately 2.4%, on the week. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in March rose 29 cents, or around 0.6%, to end at $53.83 a barrel by close of trade. On Thursday, Nymex futures touched a high of $54.34, a level not seen since January 3. For the week, New York-traded oil futures gained 66 cents, or about 1.2%, the third straight weekly rise. Oil was boosted after Russian Energy Minister Alexander Novak said that crude producers had cut their output as agreed under a deal with OPEC, adding to signs of compliance with a global pact to scale back production. Novak said that Russian companies might cut oil production more quickly than required by its deal with late last year. He added that 1.4 million barrels per day was already cut from global oil output last month as part of the deal

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