Oil rallied Friday, with global benchmark Brent crude settling above $60 a barrel for the first time since early July 2015 and the U.S. benchmark crude ending at a nearly eight-month high. Prices found continued support from expectations that major oil producers will extend an output-cut agreement through the end of next year, fueling a balance between supply and demand. December Brent crude
rose $1.14, or 1.9%, to settle at $60.44 a barrel on ICE Futures Europe. December West Texas Intermediate crude
added $1.26, or 2.4%, to finish at $53.90 a barrel on the New York Mercantile Exchange, settling at its highest since late February.
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Oil rally sends Brent crude above $60 for first time in more than 2 years