{"id":104029,"date":"2021-01-06T03:14:08","date_gmt":"2021-01-06T03:14:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=104029"},"modified":"2021-01-06T03:14:08","modified_gmt":"2021-01-06T03:14:08","slug":"brent-oil-rises-to-highest-since-february-after-saudi-arabia-output-cut","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/brent-oil-rises-to-highest-since-february-after-saudi-arabia-output-cut\/","title":{"rendered":"Brent oil rises to highest since February after Saudi Arabia output cut"},"content":{"rendered":"

TOKYO (Reuters) – Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while industry data showed U.S. crude stockpiles fell last week.<\/p>

FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS\/Jessica Lutz<\/figcaption>

Brent crude rose as much as 0.6% to $53.94 a barrel, the highest since Feb. 26, 2020. It was at $53.79 a barrel at 0147 GMT and gained 4.9% on Tuesday.<\/p>\n

U.S. West Texas Intermediate (WTI) futures gained 13 cents, or 0.26%, to $50.06 a barrel. The contract on Tuesday closed up 4.6% at $49.93, its highest since Feb. 24, 2020.<\/p>\n

Saudi Arabia, the world\u2019s biggest oil exporter, agreed on Tuesday to make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March, after a meeting with the Organization of the Petroleum Exporting Countries (OPEC) and other major producers that form the group known as OPEC+.<\/p>\n

The reductions agreed by Saudi Arabia were included in a deal to persuade other producers in the OPEC+ group to hold output steady.<\/p>\n

With coronavirus infections spreading rapidly in many parts of the world producers are trying to support prices as demand takes a hit from new lockdowns being put in place.<\/p>\n

\u201cThe decision came as a huge surprise as the organisation struggled yesterday to agree to a deal,\u201d Capital Economics said in a note.<\/p>\n

It \u201cadds weight to our view that the oil market will be in a deficit … which will help lift the price of Brent to $60 per barrel by end-year,\u201d it said.<\/p>\n

OPEC member Iran\u2019s seizure of a South Korean tanker in the Gulf also supported prices on Wednesday.<\/p>\n

Tehran denied it was holding the ship and its crew as hostages, a day after it seized the tanker while pushing for Seoul to release $7 billion of funds frozen under U.S. sanctions.<\/p>\n

U.S. crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday. [EIA\/S] [API\/S]<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO (Reuters) – Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than […]<\/p>\n","protected":false},"author":3,"featured_media":104028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBrent oil rises to highest since February after Saudi Arabia output cut - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/brent-oil-rises-to-highest-since-february-after-saudi-arabia-output-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent oil rises to highest since February after Saudi Arabia output cut - Fin2me\" \/>\n<meta property=\"og:description\" content=\"TOKYO (Reuters) – Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/brent-oil-rises-to-highest-since-february-after-saudi-arabia-output-cut\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T03:14:08+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/01\/cnewsfotor3-4.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/brent-oil-rises-to-highest-since-february-after-saudi-arabia-output-cut\/\",\"url\":\"https:\/\/fin2me.com\/markets\/brent-oil-rises-to-highest-since-february-after-saudi-arabia-output-cut\/\",\"name\":\"Brent oil rises to highest since February after Saudi Arabia output cut - 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