Crude Oil Rips Higher

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Crude oil futures rallied Friday after OPEC producers voted to extend supply cuts through 2018.

Jan. WTI oil climbed by 96 cents, or 1.7%, to settle at $58.36/bbl. Prices were down 1% this week.

Baker Hughes on Friday reported that the total active U.S. rig count, which includes oil and natural-gas rigs, added 6 to 929, according to Baker Hughes.

Earlier in the week, the government reported that U.S. oil stockpiles dropped sharply for a second week in a row.

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