Saudi cuts prompt oil price increase

Saudi Arabia, the world's biggest oil producer, has agreed to reduce its output for the next two months.

Photo: Jacob Ehrbahn

Oil prices surge Thursday morning CET as Saudi Arabia, the world's largest oil producer, agrees to cut its output for the next two months. Meanwhile, US crude stockpiles declined significantly more than expected on Wednesday, with inventories dropping by 8 million barrels in the past week against the forecast 2.7 million barrels, reports Reuters.

A barrel of European reference oil Brent Thursday morning costs USD 54.69 against USD 54.29 Wednesday afternoon. US benchmark crude West Texas Intermediate concurrently trades at USD 51.06 against USD 50.33.

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