Oil rises to 11-month high after Saudi Arabia pledges unilateral output cut
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%.
