{"id":394505,"date":"2021-01-11T10:45:11","date_gmt":"2021-01-11T05:15:11","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=394505"},"modified":"2021-01-11T12:46:08","modified_gmt":"2021-01-11T07:16:08","slug":"crude-oil-soars-to-11-month-high-registers-8-weekly-gain-on-saudi-production-cut","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/crude-oil-soars-to-11-month-high-registers-8-weekly-gain-on-saudi-production-cut\/","title":{"rendered":"Crude oil soars to 11-month high, registers 8% weekly gain on Saudi production cut"},"content":{"rendered":"<p>NEW YORK: Crude oil prices hit their highest levels in nearly a year on Friday, gaining 8 per cent 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 per cent, on the day and 8.1 per cent on the week. West Texas Intermediate crude futures (WTI) closed at $52.24 a barrel, gaining $1.41, or 2.8 per cent, also its highest since late February. WTI posted a weekly gain of 7.7 per cent.<\/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 producers known as the OPEC or Organization of the Petroleum Exporting Countries plus will hold output steady during new lockdowns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK: Crude oil prices hit their highest levels in nearly a year on Friday, gaining 8 per cent 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 per cent, on the day and 8.1 per cent on the week. West Texas Intermediate crude futures (WTI) closed at $52.24 a barrel, gaining $1.41, or 2.8 per cent, also its highest since late February. WTI posted a weekly gain of 7.7 per cent. Saudi Arabia this week pledged extra, voluntary oil [&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":[130,191,136],"tags":[],"class_list":["post-394505","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/394505","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=394505"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/394505\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=394505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=394505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=394505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}