Oil prices up in quiet session as year-end approaches
Oil prices rose in subdued trading on Thursday, supported by strong U.S. economic data and optimism that crude producers would abide by an agreement to limit output.U.S. West Texas Intermediate crude settled up 46 cents, or 0.9%, to $52.95 a barrel.
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Brent futures for February delivery settled up 59 cents to $55.05, or 1.1%.Trading overall was quiet as desks were winding down for the holidays. Overall volume for front-month crude futures was about 350,000 contracts, less than two-thirds of the total daily average over the last 200 days, according to Thomson Reuters data.
U.S. data also showed the economy grew faster than previously estimated in the third quarter, at the quickest pace in two years.The Organization of the Petroleum Exporting Countries and non-OPEC oil producers reached a deal to cut output by almost 1.8 million bpd from Jan. 1. That has helped boost prices in recent weeks, though it will be some time before it is clear whether countries are sticking to those commitments
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