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Saudi Efforts Push “Brent” to Close Touching $60

Saudi’s management of oil production in the COVID-19 era receive appreciation

 Brent oil prices touched levels of $59 a barrel, approaching levels of $60, coinciding with the coherence of OPEC in addition to the policy of reducing production.

It is led by Saudi Arabia, by adjusting its production voluntarily, which contributed to reducing production, in addition to shrinking stocks of crude oil in the US which are at its lowest levels since March of 2020.

A recent report showed that oil production in the US had stabilized during the past week, with a strong increase in US imports of crude, and the data showed that US oil production had stabilized at 10.9 million barrels per day in the last week of last January.

Brent crude futures gained at their highest levels during trading at about 51 cents, or 0.9%, close to $59, to touch their highest levels in more than a full year. As for West Texas crude futures, it rose 53 cents, by 1%, at $56.22 a barrel.

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