January 8, 2021
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Oil prices rose 20 cents to respond to the Saudi cut oil production.
West Texas Crude Oil Futures Closed on Thursday (7 Jan) rose 20 cents in response to Saudi Arabia’s voluntary cut of oil output. US crude stocks fell more than expected last week. Oil prices were also positive as the dollar depreciated. This will increase the attractiveness of the oil contract. By making the contract cheaper for holders of other currencies
West Texas Crude Contract February delivery It traded 20 cents higher at 50.83 dollars a barrel. Brent crude oil contract Delivered in March. It rose 8 cents to $ 54.38 / barrel.
Saudi Arabia voluntarily cut output by 1 million bpd to 8.125 million bpd. It will start from Feb. 1 until the end of March.
The Petroleum Exporting Countries (OPEC) and the Allies Or OPEC Plus Resolved to maintain oil production at 7.2 million barrels per day until the end of March. Russia and Kazakhstan added 75,000 barrels per day of oil output in February and March.
The US government’s Energy Information Administration (EIA) said US crude inventories fell 8 million barrels last week. While analysts had expected a down of just 1.2 million barrels.
American Petroleum Institute (API), a group of the US oil industry. Previously disclosed that US crude stocks were down 1.7 million barrels last week.
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