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Strong oil gains in 2017 supported by demand strength and a cut production agreement
Oil prices rose strongly during 2017 trading, continuing their gains for the second consecutive year.
Oil markets have benefited mainly from the strength of demand and OPEC's efforts to rebalance the markets by cutting output in cooperation with independent producers from outside.
According to OPEC calculations, Brent crude rose by 17 percent in 2017, 16 percent in the fourth quarter and 5.2 percent in December.
US crude rose 12.5 percent in 2017, up 17 percent in the fourth quarter and 5.3 percent in December.
At the end of 2017, global Brent crude futures for February delivery rose 1.07 percent, or 71 cents, to $ 66.87 a barrel.
US crude futures for February delivery rose 1 percent, or 58 cents, to close at $ 60.42 a barrel, achieving a two-and-a-half year high.
Observers expect the oil gains to continue in the new year 2018, as the global supply of crude continues to contract, especially after the agreement to reduce production was extended until the end of next year.
OPEC members and independent producers led by Russia began in early 2017 to cut production by 1.8 million bpd for six months and then extended until the end of March 2018.
The Organization of the Petroleum Exporting Countries (OPEC) agreed on November 30 to extend oil production cuts by an additional 9 months ending in December 2018 amid moves by OPEC and independent producers to cut oil stocks.
Crude oil suffered a sharp decline in 2014 and 2015, with prices reaching $ 27 a barrel in January, due to the global supply of crude.
In 2018, OPEC expects oil demand to rise by 1.51 million bpd, while the International Energy Agency (IEA) expects supply to rise by 1.6 million bpd over the same period. Finished
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