WASHINGTON (Alliance News) - Crude oil prices rose Friday, extending gains from the previous session on hopes that OPEC's recent deal with Russia will end a global supply glut.
Reports say Saudi Arabia is cutting some oil deliveries to the US and Europe starting next month, as OPEC's planned quotas kick in.
OPEC is trying to bring the oil market into balance as early as possible next year. Petro-states like Saudi Arabia, Russia and Venezuela have been struggling to cope with the impact of low oil prices.
WTI light sweet crude oil for January was up 47 cents at USD51.32 an ounce.
A drop in US crude oil inventories last week has contributed to oil's rally.
On the economic front, The University of Michigan's Consumer Sentiment for December will be released at 10.00 am ET. The economists are looking for a consensus of 94.1, slightly up from 93.8 in the prior month.
