Crude Oil prices to trade positive: Angel Commodities

Crude Oil prices to trade positive: Angel Commodities

Trading activity was expected to be low on Friday due to the US Thanksgiving holiday.

U.S. oil prices hit their highest levels in more than two years on Friday after the continued shutdown of a pipeline running from Canada to the United States was expected to reduce supply into a major storage facility.

Analysts at S&P Global raised their expectations for Brent crude oil in 2018 to $55 a barrel on Friday. The shutdown on TransCanada Corp's 590,000 - barrel - per - day Keystone pipeline following a spill last week has helped drive oil prices higher because of expectations it will r educe crude stocks in the US storage hub of Cushing, Oklahoma.

WTI crude is being supported by the closure of the 590,000-barrel-per-day (bpd) Keystone pipeline following a spill last week.

The West Texas Intermediate for January Delivery added 0.93 dollar to settle at 58.95 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery gained 0.54 dollar to close at 63.86 dollars a barrel on the London ICE Futures Exchange. European Brent increased 49 cents and closed at 62.91 dollars a barrel.

Top crude exporter Saudi Arabia is lobbying oil ministers to agree on a nine-month extension to OPEC-led supply cuts, sources familiar with the matter said, as Riyadh seeks to ensure a price-sapping glut is eradicated.

"But all of these gains could go right down into the tubs a week from today if Russian Federation says they don't want to go along with any OPEC deal".

The oil market is getting updated for the meeting of the OPEC and partners in Vienna (Austria) on November 30.

"With the majority of OPEC members endorsing an extension, Russian support is the key risk", Jon Rigby - the head of oil research at UBS - wrote in a note.

The oil market fundamentals may be improving, however, some traders still feel that gains are being limited by rising USA production.

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