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Crude Oil Surges More Than 8% This Week

Crude oil futures surged this week aid expectations OPEC has re-balanced the oil markets with its supply quota plan.

The cartel is determined to put a floor under oil prices around $70 a barrel, according to analysts.

"It is not for us to declare on behalf of the Vienna agreement countries that it is 'mission accomplished,' but if our outlook is accurate, it certainly looks very much like it," the IEA said of OPEC today.

However, the brewing trade war between the U.S. and China could hurt oil demand, the IEA warned.

Tensions in Syria and fears of a wider conflict including the U.S. and Russia have also boosted oil prices.

Baker Hughes said the total active U.S. rig count, which includes oil and natural-gas rigs, rose by 5 to 1,008.

WTI sweet crude was up 32 cents, or 0.5%, to settle at $67.39/bbl, for a weekly advance of 8.8%. It was the biggest weekly increase in oil prices for eight months.

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