• Oil prices are at three-year highs, as geopolitical risk and confidence in global growth continued to buoy markets. Light, sweet crude for February delivery rose $1.23, or 2 percent, to $62.96 a barrel on the New York Mercantile Exchange, the highest settle value since December 2014. Brent, the global benchmark, also closed at a three-year high, up $1.04, or 1.5 percent, to $68.82 a barrel.
• Oil prices edged lower at press time as traders awaited data on U.S. oil stockpiles. U.S. crude futures fell 6 cents, or 0.1 percent, to $59.58 a barrel on the New York Mercantile Exchange. Brent Crude, the global benchmark, fell 6 cents, or 0.09 percent, to $66.38 a barrel on ICE Futures Europe. Both grades have approached their highest levels since 2015.
• OPEC talks ended in Vienna with an agreement to extend its production cut deal through the end of 2018. At press time, West Texas Intermediate crude was up 10 cents at $57.40. It has fallen 2.6 percent since last week, pressured by a faster-than-expected restart to the Keystone pipeline and a rise in U.S. stockpiles of gasoline and distillate fuels. Brent crude oil for January delivery was up 45 cents at $63.56 a barrel.
• U.S. West Texas Intermediate crude fell 3 cents at press time to $57.11 a barrel. Brent crude fell 23 cents to $63.04 a barrel. It settled down 2.1 percent on a wave of profit-taking after the North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015.
• At press time, WTI Crude Oil was sitting at $55.14, while Brent Crude was at $61.36. There are two forces at work in the oil markets today creating a tug of war, according to media sources. On the one hand you have U.S. shale producers on a quest to reach 10 million barrels a day in production amid falling seasonal demand. On the other hand you have the perception that the oil glut that has gripped the world over the last few years is coming to an end because of OPEC restraint and increased demand from improving economies.
