Oil price posts big rise on news of restrained output
Opec crude production rose for a seventh month in January but the increase was smaller than expected
02 February 2021 - 12:35
London — Oil prices rose more than 1% on Tuesday after major crude producers showed they were reining in output roughly in line with their commitments, extending gains in a market thrown out of kilter by weak demand during the coronavirus pandemic.
Brent crude was up 77 US cents, or 1.4%, at $57.12 a barrel by 9.50am GMT, its third straight day of gains. US oil gained 82c, or 1.5%, to $54.37. Both contracts rose more than 2% in the previous session...
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