Crude oil futures jumped to their highest in two years Friday amid supply interruptions in North America and expectations that OPEC will extend its output cuts through 2018.
January oil ended up 93 cents, or 1.6%, at $58.95/bbl in thin holiday trade as many traders in the US remained on Thanksgiving break.
The Keystone pipeline leak has kept shipments from Canada’s oil sands from reaching US Gulf refineries, but should be allievated soon.
Meanwhile, OPEC meets November 30 to decide whether to process with supply quotas. All indications have Russia on board with the extension as long as certain criteria are met, including full participation from OPEC members currently lagging.
The material has been provided by InstaForex Company – www.instaforex.com
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