Oil prices gain due to Saudi Arabia’s pledge
- Date: 08-Jan-2021
- Source: Gulf Today
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil prices gain due to Saudi Arabia’s pledge
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices record almost 11-month highs on Friday and it is likely heading for another weekly gain as Saudi Arabia plan on cutting output.
Brent crude climbed 13 cents or 0.2%, to $54.51 a barrel while US West Texas Intermediate (WTI) gained 14 cents, or 0.3%, to $50.97.
Hitoyuki Kikukawa, general manager of research at Nissan Securities said: "Saudi's decision to make voluntary cuts to its output continued to provide support."
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