Print Edition - 2017-11-05  |  Money Digest

Oil prices near 2-year high

- Reuters, NEW YORK

Nov 5, 2017-

Oil prices rose on Friday, with US crude touching a two-year high, strengthening after US rig data suggested drilling in the United States would throttle back. The latest rig data supported the market’s view that a global supply glut is receding. Throughout the week, prices have been bolstered by rising global demand data and expectations that Opec and other producing countries will extend a deal to cut output. US West Texas Intermediate crude settled up $1.10 or 2 percent, at $55.64 a barrel, the highest since July 2015. Global benchmark Brent futures settled up $1.45 or 2.4 percent at $62.07 a barrel. Brent has risen around 38 percent since its low in June 2017. Both grades gained more than 3 percent in the week. U.S. energy companies cut eight oil rigs this week, the biggest reduction since May 2016.

Published: 05-11-2017 09:42

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