Russian Producers To Comply Output-cut Deal, Supporting Crude Prices

Crude oil futures advanced on Friday, spurred by a weakening U.S. dollar and reports indicate that major oil producers will comply with recent agreements to reduce their oil production.

Brent crude soared 1.7% to nearly $55 per barrel after Russian Energy Minister Alexander Novak stated today that all Russian oil companies including state-controlled Rosneft had agreed to trim their crude oil output on the back of the agreement Russia signed with the Organization of Petroleum Exporting Countries over the last weekend.

Before that, Kuwait and Saudi Arabia have also notified customers that they will cut beginning in January.

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