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Oil prices are spiking toward 2½-year highs after OPEC extends output cuts

December 1, 2017

Oil prices spiked higher on Friday, heading toward 2½-year highs the morning after two dozen crude-producing nations agreed to limit their output through the end of 2018.

U.S. West Texas Intermediate crude prices rocketed up 98 cents per barrel, or 1.7 percent, to $58.38 by 11:15 a.m. ET. That put the contract within striking distance of $59.05, its peak for this year and the highest level since July 2015.

International benchmark Brent crude surged $1.11, or 1.8 percent, to $63.74, not far off last month’s high of $64.65 that marked the best intraday level since June 2015.U.S.

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