Oil prices hit 11-month highs on output-cut pledge
Brent and WTI are set for weekly gains of about 6% as investors look beyond rising coronavirus cases
08 January 2021 - 13:52
London — Oil prices hit 11-month highs on Friday and were on track for a strong weekly gain, supported by Saudi Arabia’s pledge to cut output and a rally in global equities as investors looked beyond rising coronavirus cases.
Brent crude climbed 44c, or 0.8%, to $54.82 a barrel by 10.07am GMT, the highest since late February, and US West Texas Intermediate (WTI) gained 36c, or 0.7%, to $51.19, also its highest level since late February...
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