Oil jumps after Saudi Arabia says it will cut output more than expected
Crude at its highest level since February 2020 above $54 a barrel
06 January 2021 - 08:30
Tokyo — 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 February 26 2020. It was at $53.87 a barrel at 0536 GMT after jumping 4.9% on Tuesday...
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