London — Oil prices extended gains on Thursday after oil cartel Opec and its allied producers, including Russia , stuck to its reduced output policy and US crude stocks fell, with optimism over a new US pandemic relief bill adding further price support.
US West Texas Intermediate crude futures climbed 31c, or 0.56%, to $56 a barrel after reaching its highest settlement level in a year on Wednesday. “The extra 1-million barrel per day Saudi cuts that started this month imply further stock draws until at least the end of the first quarter,” Varga added.
A document showed that Opec expects output cuts to keep the market in deficit throughout 2021, even though the group reduced its demand forecast.
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