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.
Hemos resumido esta noticia para que puedas leerla rápidamente. Si estás interesado en la noticia, puedes leer el texto completo aquí. Leer más: