Oil prices kept afloat by Saudi cuts

Oil price levels remain unchanged Friday morning as Saudi Arabia's future cuts to the nation's oil output still help lessen fear of oversupply on the market.

Photo: Jan Unger/Ritzau Scanpix

Saudi Arabia said earlier in the week that the country would reduce its oil output by another 1 million barrels per day in February and March, Reuters reports.

According to Bloomberg News, this helps oil prices keep level, while there's a concurrent weekly surge in futures for both Europe's benchmark oil Brent and US counterpart West Texas Intermediate by 6 and 5 percent, respectively.

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