Open Demo Account
Home / Market Update / Commodities / Oil Closes at Highest Level in 11 Months

Oil Closes at Highest Level in 11 Months

M. Ali 6 January, 2021 11:30 pm Commodities, Market Update

Oil prices rose on Wednesday, after data showed a big drop in U.S. crude inventories last week, and on the back of the recent OPEC+ agreement to reduce production levels.

Brent crude futures for March delivery rose by 70 cents, or 1.3%, to finish at $54.30 per barrel.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude futures for February delivery gained 70 cents, or 1.4%, to close at $50.63 per barrel.

This is the highest closing level for oil futures since last February.

Tags

Check Also

Dollar Under Pressure as Global Tensions Rise, Markets Await Key Rate Decisions

The US dollar lost momentum for a second consecutive day as investors grew increasingly cautious …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends