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Oil rallies over $60, heads for 4th weekly fall on glut

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19 Dec 2014 10:09 #229726 by chairman
LONDON (Reuters) - Brent crude oil rose above $60 a barrel on Friday, rallying from near a 5-1/2-year low as investors squared books ahead of the year-end festive break after six months of falling prices.

Oil prices were on track for a fourth straight week of declines after OPEC members last month decided against cutting production despite a huge global overhang of supply.

Brent and the U.S. crude oil benchmark have almost halved in value since June and many investors expect further falls unless supply tightens or demand picks up.

Brent for February was up $1.30 a barrel at $60.57 by 9:05 a.m. EST. The contract settled down $1.91 on Thursday, after trading as high as $63.70 a barrel.
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