West Texas crude prices closed up $ 1.41, rising for a fourth consecutive day last night (Jan 8) on the news of Saudi production cuts – US oil stocks cut.
New York’s West Texas Crude (WTI) contract closed for a fourth consecutive day on Thursday (8 Jan), boosted by Saudi Arabia’s willingness to cut production. oil And reports suggesting US crude stocks fell more than expected. Has helped support the oil market as well
WTI crude oil contract for February delivery It was up $ 1.41, or 2.8 percent, to $ 52.24 a barrel. And rose 7.7% this week
Brent crude oil contract (BRENT) for delivery in March. It rose $ 1.61, or 3 percent, to $ 55.99 a barrel. And rose 8.1% this week
–
The oil market was driven by Saudi Arabia voluntarily cut oil production by 1 million barrels per day to 8.125 million barrels per day. It will start from Feb. 1 until the end of March. It is part of a deal that will convince most of OPEC Plus producers to maintain oil production at 7.2 million barrels / day through the end of February. At a time when the lockdown measures prevent the spread of COVID-19. Affecting the demand for oil
Crude oil was also boosted by a report this week by the US Government’s Energy Information Administration (EIA). U.S. crude stocks fell 8 million barrels in the week ended Jan. 1, more than analysts had expected for a 2.1 million drop.
Related news
The Dow closed 56 points higher this week, up 1.61%.
– .
:quality(85)//arc-anglerfish-arc2-prod-infobae.s3.amazonaws.com/public/VHN43Z55ORHLZF3GAT2DAC43FA.jpg?resize=150%2C150&ssl=1)
