Saudi Arabia’s pledges of voluntary output cuts and the earlier decline in US oil inventories have continued to boost energy markets, bringing crude prices to the highest levels since February 2020.
Futures for international benchmark Brent and American West Texas Intermediate (WTI) saw another consecutive gaining session on Friday, rising around 1.7 percent on the day. Both saw the highest level in almost a year and were on track for six-percent weekly gains, with Brent climbing over $55 per barrel and WTI trading at around $51.5.
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