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Crude oil futures end higher on Friday

05 Dec 2020 Evaluate

Crude oil futures ended higher on Friday as OPEC and Russia cleared the hurdle of exiting the current oil output cuts in a coordinated way. OPEC and other oil producing countries agreed to increase output beginning next month at a much slower pace to overcome coronavirus-induced demand concerns. The oil producers have reached an agreement to pare current production cuts from January by 500,000 barrels per day and agreed to hold monthly meetings to assess market conditions and decide on further adjustments for the following month. Meanwhile, there are greater hopes for the oil demand recovery amid signs that U.S. may be closing in on new stimulus.

Crude oil futures for January rose $0.62 or 1.4 percent to settle at $46.26 a barrel on the New York Mercantile Exchange. February Brent crude gained 53 cents to settle at $49.24 a barrel on London's Intercontinental Exchange.

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