Brent crude oil briefly reached 2019 highs above $65 a barrel on Friday, as oil cartel Opec-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors.
The international benchmark for oil prices rose as high as $65.10, pushing past $65 for the first time this year. It fell back to $64.75 by 8.50am GMT, up 18c or 0.28% from the last close.
Brent is near a three-month high and set for a more than 1% gain on the week. US West Texas Intermediate (WTI) crude futures were at $54.50 a barrel, up 9c from their last settlement.
Opec, along with allies led by Russia, made voluntary production cuts starting last month aimed at tightening the market. Top exporter and de facto Opec leader Saudi Arabia said on Tuesday that it would cut more than 500,000 barrels per day (bpd) more in March than the deal called for, sending prices surging…read more