{"id":393930,"date":"2021-01-07T10:34:10","date_gmt":"2021-01-07T05:04:10","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=393930"},"modified":"2021-01-07T11:18:43","modified_gmt":"2021-01-07T05:48:43","slug":"oil-hits-11-month-high-after-saudi-arabia-pledges-voluntary-output-cut-3","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-hits-11-month-high-after-saudi-arabia-pledges-voluntary-output-cut-3\/","title":{"rendered":"Oil hits 11-month high after Saudi Arabia pledges voluntary output cut"},"content":{"rendered":"<p>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. <\/p>\n<p>Brent crude rose as much as nearly 1% to $54.09 a barrel, the highest since Feb. 26, 2020. It was at $53.87 a barrel at 0536 GMT after jumping 4.9% on Tuesday. <\/p>\n<p>US West Texas Intermediate (WTI) futures reached $50.24 a barrel, also the highest since Feb. 26, before slipping to $50. The contract on Tuesday closed up 4.6%. <\/p>\n<p>Saudi Arabia, the world&#8217;s biggest oil exporter, agreed on Tuesday to make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March, after a meeting with the Organization of the Petroleum Exporting Countries (OPEC) and other major producers that form the group known as OPEC+.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 nearly 1% to $54.09 a barrel, the highest since Feb. 26, 2020. It was at $53.87 a barrel at 0536 GMT after jumping 4.9% on Tuesday. US West Texas Intermediate (WTI) futures reached $50.24 a barrel, also the highest since Feb. 26, before slipping to $50. The contract on Tuesday closed up 4.6%. Saudi Arabia, the [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[146,130,177],"tags":[],"class_list":["post-393930","post","type-post","status-publish","format-standard","hentry","category-deccan-herald-newspapers","category-newspapers","category-oil-gas-deccan-herald-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/393930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=393930"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/393930\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=393930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=393930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=393930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}