U.S. crude settles at 17-month high after small, pre-holiday gain

By Scott DiSavino NEW YORK (Reuters) - U.S. oil prices closed at a 17-month high on Friday in quiet trade ahead of the Christmas and New Year holiday week, even though the gain was small, as the market waits to see how OPEC manages its planned output cuts with Libya expecting to boost production. Brent futures gained 11 cents, or 0.2 percent, to settle at $55.16 a barrel, while U.S. West Texas Intermediate (WTI) crude gained seven cents, or 0.1 percent, to settle at $53.02, its highest close sin