Oil ends above $60 for the first time in about 2 1/2 years

Crude-oil futures ended Friday trade on a decidedly upbeat note, settling above $60 for the first time in more than two years. West Texas Intermediate crude oil for February delivery ended up 1%, or 58 cents, at $60.42, representing its highest close and its first above the psychologically significant level of $60 sine around June of 2015, according to FactSet data. Rig count data from Baker Hughes on Friday reported a small drop in rig counts for the week, with rigs drilling for gas in the U.S. down by two to 182, while those drilling for oil remained unchanged at 747. A combination of supply disruptions earlier in the week and evidence that supplies in the oil market are being reduced has helped to push prices higher headed into 2018.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Leave a Reply