MTECHTIPS:-Crude Oil Futures – Weekly Outlook: February 13 – 17

MTECHTIPS:-Crude Oil Futures – Weekly Outlook: February 13 – 17

il futures finished sharply higher on Friday, as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output. But prices barely logged a weekly gain, pressured by expectations for further growth in U.S. crude production. On the ICE Futures Exchange in London, Brent oil for April delivery jumped $1.07, or about 2%, to settle at $56.70 a barrel by close of trade Friday.Despite Friday’s strong gains, London-traded Brent futures scored a loss of 11 cents, or around 0.2%, on the week. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in March rose 86 cents, or about 1.6%, to end at $53.86 a barrel by close of trade. or the week, New York-traded oil futures gained 3 cents, or less than 0.1%. OPEC has delivered more than 90% of pledged oil output curbs in January, according to \\\\\\\\ figures the exporter group uses to monitor its supply, making a strong start to implementation of its first production cut in eight years. Supply from the 11 OPEC members with production targets under the deal has fallen to 29.92 million barrels per day last month. That amounts to 92% compliance, far higher than the initial 60% compliance with a 2009 OPEC deal. 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to re

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