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Crude Oil Futures Settle Higher For 2nd Straight Day

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Crude Oil Futures Settle Higher For 2nd Straight Day

Crude oil prices edged higher on Tuesday amid thin deals ahead of Christmas and on hopes OPEC supply cuts will continue to support the commodity.

Easing concerns about outlook for energy demand amid optimism the U.S.-China phase one trade deal will be signed early next month.

West Texas Intermediate Crude oil futures for February ended at $61.11 a barrel, gaining $0.59, or about 1%.

On Monday, WTI crude oil futures for February ended up $0.08 at $60.52 a barrel.

OPEC, Russia and other producers that have linked up to curtail production and support prices will continue their cooperation as long as it is “effective and brings results,” Russian energy minister Alexander Novak reportedly said in an interview on Monday.

In trade news, U.S. President Donald Trump said today that he and Chinese President Xi Jinping will have a signing ceremony to sign the first phase of the U.S.-China trade deal agreed to this month.

Due to Christmas holidays, the official crude inventory data from U.S. Energy Information Administration will now be released on Friday.

The material has been provided by InstaForex Company – www.instaforex.com