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27-Dec2018

Crude oil futures end higher on Wednesday

Crude oil futures ended higher on Wednesday, with gain of over 8 percent, after closing the pre-Christmas session at their lowest since July 2017, as Russian Energy Minister Alexander Novak said that oil prices will become more stable in the first half of 2019. Meanwhile, efforts by Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, to limit output beginning early next year by 322,000 barrels a day - more than a previously announced cut of 250,000 barrels a day for six months starting in January.  The US Energy Information Administration will release its weekly oil inventory report Friday, rather than Wednesday, due to the Christmas holiday.

Benchmark crude oil futures for February surged $4.69 or 8.6 percent to settle $46.22 a barrel on the New York Mercantile Exchange. February Brent crude rose $4 or 7.9 percent to settle at $54.47 a barrel on London's Intercontinental Exchange.


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