Oil rises to 11-month high, logs weekly gain on Saudi output cut

The Business Times | Jan 9, 2021 at 1:00 AM
  • Oil prices hit their highest level in nearly a year on Friday, gaining 8 per cent on the week, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets.
  • Brent crude settled at US$55.99 a barrel, climbing US$1.61, or 3 per cent, on the day and 8.1 per cent on the week.
  • Saudi Arabia this week pledged extra, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March as part of a deal under which most Opec+ producers will hold production steady during new lockdowns.