Oil rises as Opec maintains output cuts and US stockpiles shrink
The oil cartel expects the market to remain in deficit throughout 2021
04 February 2021 - 07:40
Singapore — Oil prices extended gains on Thursday after the oil cartel Opec+ alliance of major producers stuck to a reduced output policy, and as crude stockpiles in the US fell to their lowest levels since March 2020.
Brent crude futures gained 47 US cents, or 0.8%, to $58.93 a barrel, by 3.17am GMT, having earlier hit their highest level since February 21 2020 in the wake of the Opec+ decision...
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