In a record rate, Brent crude exceeds $ 56
Oil prices witnessed, today, Saturday, a new high, achieving the largest weekly gains, after Saudi Arabia pledged to reduce production and strong gains in the main stock markets.
Brent crude was $ 56.25 per barrel, up by $ 1.87, or 3.44%, while West Texas Intermediate crude futures closed at $ 52.72 a barrel, and recorded a rise of $ 1.89, or 3.72%, which is the highest since late February.
Saudi Arabia pledged last week to voluntary additional cuts in oil production by one million barrels per day in February and March next, as part of an agreement under which most OPEC + producers will keep production steady during the new closures.
The northern hemisphere is facing a cold winter, while the coldest weather in Beijing since 1966 has led to a rise in domestic energy prices, and temperatures in most parts of Europe and Asia are expected to remain below average throughout January. Source