Oil Futures Poised to End 2017 at Fresh 2 1/2-Year Highs

By Biman Mukherji Features Dow Jones Newswires

Oil futures rallied anew in Friday morning Asian trading after initial softness, setting the stage for both to log fresh 2017 settlement highs.

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--February light, sweet crude on the New York Mercantile Exchange was recently up 0.7% at $60.25 a barrel in the Globex trading session. March Brent rose 0.6% to $66.55.

--Through Thursday, the US benchmark had gained 11% this year, versus 17% for the global Brent standard. The market has improved amid optimism about years of oversupply ebbing, capped by rising demand and the OPEC-led production-cap deal being extended through 2018. Both have been at 2 1/2-year highs of late.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

December 28, 2017 23:53 ET (04:53 GMT)