Oil prices rise and a barrel of Brent is at its highest level in almost a year

Oil prices continued to rise today, as Brent surpassed $ 59 a barrel, for the first time since February 2020. This came after data showed a decline in US crude inventories.

At 10:58 a.m.Moscow time, US West Texas Intermediate crude futures were up 0.86% to $ 56.16 a barrel, while Brent futures were up 0.79 % at $ 59.01 per barrel.

Experts attributed the high price of oil to Saudi Arabia’s recent decision to implement a further cut in production by one million barrels in February and March 2021.

Prices were also supported by US data, and the US Energy Information Administration said US crude oil inventories fell last week to 475.7 million barrels, the lowest level since March 2020, while refinery operating rates increased 0.6 percentage points.

Source: Novosti + Reuters

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