Baghdad, Oil prices rose today, Wednesday, to their highest levels since February, after Saudi Arabia agreed to make greater cuts in production than expected during a meeting with allied producers.
Brent crude rose 0.29 percent to $ 53.88 a barrel, the highest level since February 26, 2020, and a 4.9 percent increase on Tuesday.
U.S. West Texas Intermediate (WTI) futures rose 13 cents, or 0.11%, to $ 50.06 a barrel. The contract closed up 4.6 percent, the highest level since February 24, 2020.
Saudi Arabia, the world’s largest oil exporter, agreed on Tuesday to make additional voluntary cuts in oil production by one million barrels per day in February and March, after a meeting with the Organization of the Petroleum Exporting Countries (OPEC) and others. The major producers that make up the group known as OPEC +.
Source: National Iraqi News Agency