Oil Firmed as Committee Meeting to Monitor Output Cut Scheduled in January

Crude oil prices climbed higher after Kuwait’s oil minister indicated that an OPEC committee responsible for monitoring compliance to output cut would meet in the first half of January. The front-month WTI crude oil contract strengthened for a 5th consecutive day, adding +0.88%, to close at 52.95, while the Brent crude contract rose +1.08% to settle at 55.05. Precious metals remained under pressure as US dollar firmed.

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Oil Firmed as Committee Meeting to Monitor Output Cut Scheduled in January