According to Dow Jones News of December 29th, Friday crude oil futures settled above $ 60 a barrel on the last trading day of the year, a level not seen in more than two years, indicating long-term global oversupply has eased.
Light sweet crude for February delivery on the New York Mercantile Exchange, up 58 cents to $ 60.42 a barrel with an increase of 1%, the highest settlement price since June 2015. Brent crude futures rose 71 cents to 66.87 US dollars a barrel with an increase of 1.1%.
The crude oil market was boosted by the drop in crude oil inventories and the steady decline in supply made investors feel relieved.
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