US crude rises 2.2% to 3-month high, settling at $55.59, boosted by OPEC output cuts [CNBC]
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US crude rises 2.2% to 3-month high, settling at $55.59, boosted by OPEC output cuts Brent crude oil climbed above $66 a barrel to its highest this year as OPEC-led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors. The international oil benchmark ended Friday's session $1.68 higher at $66.25 a barrel, up 2.6 percent on the day. Brent set a fresh three-month closing high going back to Nov. 19 on Friday and rose 6.7 percent on the week. U.S. West Texas Intermediate crude futures rose $1.18, or 2.2 percent, to $55.58 per barrel, also the best settlement since Nov. 19. WTI ended the week with a 5.4-percent gain. OPEC, along with allies led by Russia, made voluntary production cuts beginning last month aimed at tightening the market. Top exporter and de facto OPEC leader Saudi Arabia said on Tuesday it would cut over half a million barrels per day (bpd) more in March than the deal called for, sending prices surging. The cuts come
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