WASHINGTON (dpa-AFX) - Crude oil futures continued this week's rally Friday, cutting into quarterly losses on hopes OPEC will follow through with supply quotas.
The cartel agreed in principal on output cuts aimed at stabilizing crude oil prices above $50 a barrel heading into the new year.
Nov. WTI oil settled at $48.24/bbl, up 41 cents, or 0.9%, for the session.
Oil was down 0.2% for the quarter.
Prices rose this week as EIA data confirmed U.S. oil stockpiles are dwindling.
In economic news today, U.S. personal income edged up by 0.2 percent in August after climbing by 0.4 percent in July. The modest increase in income matched economist estimates.
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