{"id":394354,"date":"2021-01-11T08:58:09","date_gmt":"2021-01-11T03:28:09","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=394354"},"modified":"2021-01-11T09:56:11","modified_gmt":"2021-01-11T04:26:11","slug":"oil-rises-to-11-month-high-logs-weekly-gain-on-saudi-output-cut","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-rises-to-11-month-high-logs-weekly-gain-on-saudi-output-cut\/","title":{"rendered":"Oil rises to 11-month high, logs weekly gain on Saudi output cut"},"content":{"rendered":"<p>NEW YORK (Reuters) &#8211; Oil prices hit their highest level in nearly a year on Friday, gaining 8% on the week, supported by Saudi Arabia&#8217;s pledge to cut output and strong gains in major equity markets. <\/p>\n<p>Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week. West Texas Intermediate crude futures (WTI) closed at $52.24 a barrel, gaining $1.41, or 2.8%, also its highest since late February. WTI posted a weekly gain of 7.7%. <\/p>\n<p>Saudi Arabia this week pledged extra, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady during new lockdowns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK (Reuters) &#8211; Oil prices hit their highest level in nearly a year on Friday, gaining 8% on the week, supported by Saudi Arabia&#8217;s pledge to cut output and strong gains in major equity markets. Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week. West Texas Intermediate crude futures (WTI) closed at $52.24 a barrel, gaining $1.41, or 2.8%, also its highest since late February. WTI posted a weekly gain of 7.7%. Saudi Arabia this week pledged extra, voluntary oil output cuts of 1 million barrels per day (bpd) [&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":[135,130,169],"tags":[],"class_list":["post-394354","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/394354","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=394354"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/394354\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=394354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=394354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=394354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}