OPEC's revenue slumps to 10-year low

Oil prices closed at their highest level in two in addition to a half years on the final trading day of 2017.

The late spike was driven in part by a pipeline explosion in Libya earlier within the week.

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Libya’s state-run National Oil Corporation said on Tuesday in which the explosion jeopardized output by up to 100,000 barrels a day. The agency has not announced the cause of the blast.

U.S. crude oil prices spiked 1% Friday to more than $60 a barrel, the highest close since June of 2015. Last month, oil prices jumped after the Keystone pipeline shut down following an oil spill.

Still, prices remain low compared with $100-a-barrel prices three years ago.

There’s been a glut of oil in recent years, forcing the Saudi-led OPEC cartel to cut production.

Oil crashed in 2014 in addition to 2015 in addition to reached a low of $26 a barrel in 2016. Prices slowly rebounded after OPEC agreed to limit production. In November, the 14-member cartel extended those cuts until the end of 2018.

Libya is usually one of two OPEC member countries in which doesn’t have a cap on oil production because of unrest.

OPEC originally tried to flood the market with cheap oil within the face of the U.S. shale boom, nevertheless backpedaled on the strategy as the item became clear the item was waging a losing battle.

With the war against OPEC halted in addition to shale production re-energized, the U.S. is usually poised for record oil output in 2018.

–sy88pgw’s Matt Egan contributed to This specific story.

sy88pgw (brand new York) First published December 29, 2017: 3:29 PM ET