Oil hovers near 11-mth highs, sustained by Saudi output cuts pledge

Oil hovers near 11-mth highs, sustained by Saudi output cuts pledge
  • Clock-gray 07:06
  • calendar-gray 08 January 2021

Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia’s pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains, APA reports quoting Reuters.

Brent crude climbed 2 cents to $54.40 a barrel by 0122 GMT, after closing slightly higher the previous day. It touched $54.90 on Thursday, the highest since February.

U.S. West Texas Intermediate (WTI) also gained 2 cents to $50.85 a barrel. The contract closed up 0.4% on Thursday after also hitting its highest since February at $51.28.

Both benchmarks are on track for gains of about 5% for this week.

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