The price of WTI Crude Oil rose over 2% on Friday as comments from several OPEC ministers reaffirmed their commitment to rein in excess output from OPEC and non-OPEC producers.
The front-month November contract posted a 6-month high at 54.20 as the apparent adherence to the production cuts creates a solid pretext for the November 30th OPEC meeting in Vienna.
You're not a member! Trial today
OPEC and other major producers including Russia have pledged to reduce production by around 1.8 million barrels per day to drain a global supply glut.
The next key resistance level is the February 23rd high of $54.90.
WTI Crude Oil
