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 flat at $54.30 a barrel at 1452 GMT 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 five cents to $50.68 after touching $51.28. Wednesday’s storming of the US Capitol by supporters of 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 week by a pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional one million barrels per day (bpd) in February and March.
Published in The Express Tribune, January 8th, 2021.
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