Oil Futures Rise Again, Stay Firm Near 3-month High

Crude oil prices are rising and are firmly placed near 3-month high Friday morning, extending gains to a fourth straight session, amid easing worries about outlook for energy demand and on hopes the OPEC-led output cuts will support crude prices.

West Texas Intermediate crude oil futures for February are gaining $0.25, or about 0.4%, at $61.93 a barrel.

On Thursday, WTI Crude oil futures for February ended up $0.57, or about 0.9%, at $61.68 a barrel.

Brent crude futures are up $0.17, or 0.25%, at $68.09 a barrel.

Meanwhile, traders are awaiting the official crude inventory data from the Energy Information Administration, for the week ended December 20.

A report released by the American Petroleum Institute on Tuesday evening said U.S. crude stockpiles declined by 7.9 million barrels last week. That was significantly higher than what was forecast by analysts.

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