Oil prices hit 10-month high as US dollar weakens & Saudi cuts loom on horizon

Global prices

Global prices for crude were pushed to new multi-month highs as the recent bounce by the US dollar appeared to lose its steam, increasing the appeal of commodities priced in the currency.

Deliveries of the global benchmark, Brent, had risen 1.2 percent for March to $56.33 per barrel at 2:16pm GMT. West Texas Intermediate (WTI) crude for February grew 1.13 percent to $52.84 per barrel.

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