Oil prices touch fresh 11-month highs after fall in US crude stockpiles

Oil prices touch fresh 11-month highs after fall in US crude stockpiles

Oil prices touch fresh 11-month highs after fall in US crude stockpiles

Oil prices touch fresh 11-month highs after fall in US crude stockpiles

The drop in US crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills. (AFP file photo)

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Oil prices touch fresh 11-month highs after fall in US crude stockpiles

Oil prices have been supported this week by a pledge by Saudi Arabia to cut output

Updated 08 January 2021

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LONDON: Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in US stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.

Brent crude was up 5 cents to $54.35 a barrel at London afternoon trade after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.

US West Texas Intermediate (WTI) was up 26 cents, or 0.5 percent to $50.89 after touching $51.28.

Wednesday's storming of the US Capitol by supporters of US President Donald Trump appeared to have little impact, while a slight rise in global equities suggested investors believed President-elect Joe Biden would be empowered to spend more freely.

Oil prices have been supported this