Crude oil soars to 11-month high, registers 8% weekly gain on Saudi production cut
NEW YORK: Crude oil prices hit their highest levels in nearly a year on Friday, gaining 8 per cent on the week, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets.
Brent crude settled at $55.99 a barrel, climbing $1.61, or 3 per cent, on the day and 8.1 per cent on the week. West Texas Intermediate crude futures (WTI) closed at $52.24 a barrel, gaining $1.41, or 2.8 per cent, also its highest since late February. WTI posted a weekly gain of 7.7 per cent.
Saudi Arabia this week pledged extra, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March as part of a deal under which most producers known as the OPEC or Organization of the Petroleum Exporting Countries plus will hold output steady during new lockdowns.
