Saudi surprise cut lifts oil prices | Sunday Observer

Saudi surprise cut lifts oil prices

10 January, 2021

Oil prices remained elevated and were still on the rise on Thursday, hitting a 11-month high, as the effects of Saudi Arabia’s surprise announcement about an additional million barrels of crude oil production cuts still has enough juice to withstand civil unrest in the United States and the global pandemic.

At 4:11 p.m. EST, the WTI benchmark was trading up 0.61% on the day at $50.94.

The last time WTI traded above $50 per barrel was February. One week ago, the WTI benchmark closed at $48.52.

The Brent crude benchmark is now trading at $54.50, up 0.37% on the day. February was the last time the Brent benchmark sat above $54. - Oilprice.com

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