24.11.201708:21:00UTC+00Crude Oil Rallies On OPEC Quota

Crude oil futures continued to rise Friday morning in thin trade after the Thanksgiving holiday.

Traders expect that OPEC next week will extend its supply quota plan through 2018 in hopes of re-balancing the oil market and driving prices north of $70 a barrel.

Russia is now said to have agreed to be part of the renewed pact, with Russia leader Vladimir Putin exhibiting increased influence on the cartel to which it does not actually belong.

WTI light sweet crude oil was up 73 cents at $58.75 a barrel, staying at 2-year highs.

The US oil rig count from Baker Hughes will be released this afternoon.