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Oil Maintains Gains for Third Day

M. Ali 8 January, 2021 1:00 am Commodities, Market Update

Oil prices rose on Thursday for the third consecutive session, supported by the recent OPEC+ agreement to curb output and the large drop in crude inventories in the United States.

Brent crude futures for March delivery closed higher by 8 cents, or 0.2%, at $54.38 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for February delivery added 20 cents, or 0.4%, to finish at $50.83 per barrel.

On Wednesday, both the global and the U.S. benchmarks recorded their highest closing level since last February.

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