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Tuesday, 27 December 2016

Oil rallies in thin trade, adds to year's gains | Reuters

Oil rallies in thin trade, adds to year's gains | Reuters:
"Oil gained 1.5 percent Tuesday, continuing its year-end rally with support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday.

U.S. crude prices have surged 25 percent since mid-November, helped by expectations for OPEC's supply cut and generally solid U.S. economic figures that have also bolstered equity prices.

Trading was thin on Tuesday as just 257,000 front-month futures contracts traded, less than one-half of the usual volume in West Texas Intermediate crude futures. With oil near $54 a barrel, U.S. crude is not far from the year's high of $54.51 high reached on December 12."

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