Quentin D. Solano
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Quentin D. Solano in Breaking news,

Brent pushes further above $60 as oil rally continues

Oil futures were pushing higher early Monday, building on last week’s strong gains that drove Brent to close above $60 a barrel for the first time in more than two years, and the U.S. benchmark to its best finish in several months.

The surge last week stemmed from speculation that the Organization of the Petroleum Exporting Countries and other major producers will agree to extend their production-cut deal through the end of the next year.

December Brent, the global benchmark LCOZ7, +0.38%  was up 13 cents, or 0.2%, $60.57 a barrel. Brent rose $1.14, or 1.9%, to finish at $60.44 a barrel on Friday, the highest settlement for a front-month contract since July 2015. The contract rose about 4.7% for the week.

December Nymex light sweet crude CLZ7, -0.09%  gained 11 cents, or 0.2%, at $54.01 a barrel in the Globex trading session. On Friday, the U.S. contract closed up $1.26, or 2.4%, to settle at $53.90 a barrel, marking a nearly eight-month high. Last week, it gained around 4%.

via marketwatch.com