Oil hits 11-month high on Saudi cuts, shrugs off US Capitol unrest
Oil prices edged higher on Thursday, hitting 11-month peaks as markets remained focused on Saudi Arabia’s unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political unrest in the United States.
Brent crude rose 18 cents to $54.48 a barrel by 1:32 p.m. EST (1832 GMT) after touching $54.90, a high not seen since before the first Covid-19 lockdowns in the West.
US West Texas Intermediate (WTI) was up 24 cents to $50.87, after hitting a session high at $51.28.
On Wednesday, a mob of President Donald Trump’s supporters stormed the US Capitol after he urged them to protest Congress’s validation of his election loss. Crude futures prices briefly dipped during the unrest.
