Crude oil futures ended slightly higher on Friday, as producers at an OPEC meeting revealed record compliance with their production curb agreement, according to Bloomberg MarketWatch.
November West Texas Intermediate crude rose 11 cents, or 0.2%, to settle at $50.66 a barrel on the New York Mercantile Exchange. For the week, the November contract gained 0.4%, while prices tracking the front month contracts were up 1.5%.
November Brent crude, the global benchmark, added 43 cents, or 0.8%, to end trading at $56.86 a barrel on the ICE Futures Europe Exchange. The contract gained about 2.2% for the week.
On Friday, OPEC announced that the countries participating in a production curb agreement reached record monthly compliance with the pact. Under the agreement, OPEC said they would eliminate about 2% of the global oil supply through March 2018. There has also been speculation recently that producers are considering a further extension of the deal to the end of next year. The producers reached a conformity level of 116% in August while compliance was at 94% in July.
The next OPEC meeting is set for November 29 in Vienna, just a day ahead of OPEC’s regularly scheduled meeting.
Meanwhile, October natural gas finished at $2.959 per million British thermal units, up 1.3 cents, or 0.4%, on the New York Mercantile Exchange. It was down about 2.2% for the week.