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This week, WTI broke above $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015.

Oil prices, which hit 2-1/2 year highs this week, have rallied by more than 30 per cent since the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers agreed to limit production from January 2017.

According to the source, the price for February Futures WTI oil increased by 0,74%, totaling to $60,28 per barrel on the New York Mercantile Exchange (NYMEX).

The rise saw WTI hitting its highest level since June 2015 on the final trading day of 2017.Brent crude futures - the worldwide benchmark for oil prices - were also up, rising 33 cents or 0.5 percent to $66.49 a barrel.

Besides the weekly drawdown, the EIA also said that USA oil production dipped to 9.754 million barrels per day, down from 9.789 million bpd the previous week. In the meantime, Brent crude oil price dwindled by six cents standing at 64.04 dollars per barrel.

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Crude oil were lower on Friday as expectations OPEC and other producers will extend their production cut agreement were offset by forecasts US output will continue to grow with prices holding near 28-month highs.

In the most recent week, United States production dipped modestly to 9.75 million bpd from 9.79 mln bpd the previous week. Inventories declined 1% week-over-week and 54.2 MMbbls or 11.15% year-over-year.

On the supply side, Brent prices have been supported by a year of production cuts led by the Organization of Petroleum Exporting Countries and Russian Federation.

Trading was typically thin at year end, with many traders on vacation.

Prices also continue to be helped by pipeline outages in Libya and the North Sea, although both issues could be resolved early next year.


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