WTI crude oil prices surged more than 3% to US$ 53.9, hitting their highest level seen since February 2020. A large draw in the API crude inventories and a weakening US Dollar gave oil prices a fresh boost alongside reflation hopes. The oil report pointed to a 5.82-million-barrel decline in inventories for the week ending January 8th, compared to a baseline forecast of a 1.66-million-barrel drop.
Recently, prices appear to be riding favourable tailwinds since Saudi Arabia unilaterally announced a production cut of 1 million bpd in February and March amid dissents among OPEC+ members. Since then, WTI prices have surged by more than 13% on hope that Saudi’s willingness and ability to cut could effectively rein market supply and shelter prices through the Covid pandemic.
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