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Crude Oil Prices Keep Rising Above $50

December 2, 2016 at 19:29 by Vladimir Vyun

It looks like optimism, caused the OPEC deal to cut oil production persists. And it continued to propel prices for crude higher. While analysts are skeptical about willingness of all the OPEC members to fulfill promised output reductions, for now the market in a bullish mode, and prices hang above the $50 level.

There are also speculations that US producers may step in to take the market share lost by the OPEC due to the production cuts. And indeed, Baker Hughes reported that the number of US oil rigs increased by 3 this week. It was the seventh month of increase for oil drilling, though the number of rigs is still far lower compared to the previous year.

Futures for delivery of WTI crude oil in January advanced 1% to $51.57 per barrel as of 19:18 GMT on NYMEX today. February Brent crude climbed 0.74% to $54.34 per barrel on ICE.

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