Oil rises as supply constraints remain in focus amid US Capitol drama
Oil prices rose on Thursday as Saudi Arabia, the world’s biggest exporter, unilaterally agreed to cut output over the next two months and as US crude stockpiles fell.
It was not immediately clear how the storming of the US Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden’s administration will clamp down on U.S. oil production.
Brent crude was up 40 cents, or 0.7%, at $54.70 a barrel by 0512 GMT, after gaining 1.3% overnight. US West Texas Intermediate (WTI) gained 43 cents, or 0.9% to $51.06. The contract rose 1.4% on Wednesday.
