LOC21:54
18:54 GMT
NEW YORK, Nov 3 (KUNA) -- Crude oil prices in New York Mercantile Exchange (NYMEX) edged higher during Friday's transactions to a two-year high, in the wake of OPEC projections that oil cuts deal would continue coupled with US stocks decline.
Crude oil for December delivery contracts gained six cents to USD 54.60 per barrel, while Brent rose 22 cents to USD 60.84 pb.
Saudi Arabia and other OPEC members have voiced their support for continuous production cuts.
OPEC and non-OPEC producers agreed last year to cut output by 1.8 million barrel per day (bpd) to bring down oil quantities in markets.
The production cut agreement expires next March. OPEC and non-OPEC producers will meet end of this month to consider extension of the agreement.
US crude oil stocks went down by 2.4 million barrels during the past few weeks. (end)
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