Brent oil rises to highest since February after Saudi Arabia output cut

Brent oil rises to highest since February after Saudi Arabia output cut
  • Clock-gray 08:04
  • calendar-gray 06 January 2021

Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while industry data showed U.S. crude stockpiles fell last week, APA reports quoting Reuters.

Brent crude rose as much as 0.6% to $53.94 a barrel, the highest since Feb. 26, 2020. It was at $53.79 a barrel at 0147 GMT and gained 4.9% on Tuesday.

U.S. West Texas Intermediate (WTI) futures gained 13 cents, or 0.26%, to $50.06 a barrel. The contract on Tuesday closed up 4.6% at $49.93, its highest since Feb. 24, 2020.

Saudi Arabia, the world’s biggest oil exporter, agreed on Tuesday to make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March, after a meeting with the Organization of the Petroleum Exporting Countries (OPEC) and other major producers that form the group known as OPEC+.

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