U.S. crude ends year above $60 on strong global oil demand

U.S. crude ends year above $  60 on strong global oil demandBy Nia Williams CALGARY, Alberta (Reuters) – U.S. oil prices closed above $ 60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories. International benchmark Brent crude futures ended the year with a 17 percent rise, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China. The spread between the benchmarks widened throughout the year, as Brent responded to the drawdown in supply from major world producers while U.S. output continued to grow.

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