Oil hovers near multi-month highs, boosted by Saudi supply cut pledge

08.01.2021 - Evdokimov Roman
Oil hovers near multi-month highs, boosted by Saudi supply cut pledge

Oil prices hovered near 11-month highs on Friday and were on course for a strong weekly gain as Saudi Arabia pledged to cut supply, boosting market sentiment.

U.S. West Texas Intermediate crude futures climbed 0.3%, or 14 cents, at $50.97 per barrel. The benchmark ended 0.4% higher on Thursday after reaching its strongest level of $51.28 since February.

Brent crude futures rose 0.2%, or 13 cents, at $54.51 per barrel. It hit $54.90 on Thursday, the highest level since February. Both contracts are on course for nearly 5% gains this week.

In the United States, the COVID-19 death toll hit 4,000, its highest in a day. China posted its highest rise in daily cases in over five months, while Japan is looking to extend a state of emergency beyond the Tokyo region.

U.S. fuel stockpile climbed last week, while gasoline stocks rose by 4.5 million barrels, its highest since April.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?