Stock markets boosted as calm to Capitol Hill restored – business live

Stock markets boosted as calm to Capitol Hill restored – business live

Certification of Biden win resumes in Washington; oil prices continue to rise amid supply constraints 7.59am GMT Oil prices continue their rally, after Saudi Arabia, the world's biggest producer, agreed to cut output over the next two months and US crude stockpiles declined.Brent crude, the global benchmark, has risen 0.83% to $54.75 a barrel while US crude is 0.89% ahead at $51.08 a barrel. Saudi Arabia said it would voluntarily cut output by 1m barrels per day (bpd) in February and March, following a meeting of the Opec oil cartel with its allies including Russia this week. At the same time, US crude stocks declined by 8m barrels in the week to 1 January.WTI [West Texas Intermediate] crude seems poised to rise higher the Biden administration will clamp down on US crude production, the Saudis tentatively alleviated oversupply concerns with the 1m bpd cut present, and as the dollar's days seem numbered. 7.44am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Wall Street closed higher last night and European stock markets are expected to rise this morning, as calm was restored to Capitol Hill. The Dow Jones ended