Oil prices on Friday hit 11-month highs and were on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following Saudi Arabia’s pledge to cut output. Brent crude climbed 39 cents, or 0.7%, to $54.77 a barrel by 0757 GMT, after touching $54.92, the highest since Feb. 26.US West Texas Intermediate (WTI) gained 33 cents, or 0.7%, to $51.16. The contract also touched its highest since Feb. 25 at $51.34 earlier in the session.Both benchmarks are on track for weekly gains of more than 5%.“Saudi’s decision to make voluntary cuts to its output continued to provide support,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.“Strong global equities, backed by excessive liquidity, also prompted fresh buying in oil,” he added, but said oil and stock markets could see a correction soon as their rallies do not reflect fuel demand and the global economy. Earlier this week, Saudi Arabia, the world’s biggest oil exporter, said it would cut output by an additional 1 million barrels per day (bpd) in February and March.On Thursday, seven North Sea crude cargoes were bought and sold in the trading window operated by Platts, a… Read full this story
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