By Ernest Scheyder and Terray Sylvester CANNON BALL, N.D. (Reuters) - Thousands of protesters in North Dakota celebrated the federal government's ruling against a controversial pipeline project but girded for a protracted struggle as president-elect Donald Trump's transition team said on Monday it supports the project and would review it after he takes office. The company building the pipeline, Energy Transfer Partners, said late on Sunday that it had no plans to reroute the line, and expected to complete the project. The U.S. Army Corps of Engineers said on Sunday it rejected an application for the Dakota Access Pipeline to tunnel under Lake Oahe, a reservoir formed by a dam on the Missouri River.
Eurozone finance ministers, led by Germany and the Netherlands, on Monday scrapped a European Commission proposal for richer countries to spend more in order to boost a lacklustre European economy. The Commission, the EU's executive arm, last month tabled unprecedented plans that would have compelled states with strong enough public finances to loosen the purse strings after years of austerity. Eurogroup head and Dutch Finance Minister Jeroen Dijsselbloem said national governments had refused to endorse the Commission's recommendation that they spend the equivalent of 0.5 percent of annual economic output to boost the economy.
Crude rose above $55 a barrel to hit a 16-month high on Monday as rising prospects of a tightening market after last week's OPEC landmark deal to cut production has given speculators impetus to increase bets on higher prices. Monday's gains take the rally since the Organization of the Petroleum Exporting Countries' agreement was struck on Wednesday to 19 percent for Brent and 16 percent for U.S. crude. "OPEC sentiment continues to support oil markets.