US Crude Settles At 2-Year High After Pipeline Disruption



Oil has also been supported by an effort led by the Organization of the Petroleum Exporting Countries to end a global supply overhang by restraining output.

The deal to curb production expires in March but is widely expected to be extended at a Nov. 30 meeting.

"There is growing consensus that OPEC will extend their production cut deal at the end of the month. This confidence along with the current geopolitical environment has kept ICE Brent trading firmly above $60 per barrel," Dutch bank ING said.

"However, an outcome at the OPEC meeting which falls short of market expectations will likely lead to a selloff, and given the large speculative long in Brent, this could be fairly severe," it added.

(Additional reporting by Henning Gloystein in Singapore and Alex Lawler and Polina Ivanova in London, Editing by Marguerita Choy and Phil Berlowitz)

Copyright 2017 Thomson Reuters.


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