Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed US crude stockpiles were down last week.
Brent crude rose as much as 0.9% to $54.09 a barrel, the highest since Feb. 26, 2020. It was at $53.82 a barrel at 0757 GMT after jumping 4.9% on Tuesday.
US West Texas Intermediate (WTI) futures climbed as much as 0.6% to $50.24 a barrel, also the highest since Feb. 26, before slipping to $49.96. The contract on Tuesday closed up 4.6%.
