Oil Closes at Highest Level in 11 Months

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.