Singapore – Qena:
Global oil prices rose today, to their highest level since February 2020, after OPEC Plus member states agreed to reduce production more than expected in a meeting with its allies from oil producers.
In early trading today, the world benchmark Brent crude futures rose 1 percent to $ 54.09 a barrel, the highest level since February 26, 2020, and US West Texas Intermediate crude futures rose to $ 50.24 a barrel, which is also the highest since February 26, 2020.
Oil prices rose by about five percent in yesterday’s session, as the benchmark Brent crude rose by $ 2.51, by 4.9 percent, to settle at $ 53.60 a barrel, while US crude rose by $ 2.31, and by 4.9 percent, to record at the settlement of $ 49.93 a barrel.
On the other hand, data from the American Petroleum Institute last night showed that US crude inventories fell by 1.7 million barrels in the week ending January 1, to 491.3 million barrels.