Oil rises to highest since Feb, set for weekly gain on Saudi output cut

Hellenic Shipping News | Jan 9, 2021 at 1:00 AM
  • Oil prices hit their highest level in nearly a year and were on track for a weekly gain on Friday, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets.
  • Both benchmarks were on track for weekly gains of more than 6%.
  • 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.