Saudi cuts drive oil price surge

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Tue, 2021-01-12 21:54

DUBAI: Oil prices surged back to pre-pandemic levels on Tuesday in the wake of Saudi Arabia’s surprise decision last week to cut output by an extra 1 million barrels a day.

Brent crude, the international benchmark, rose above $56 a barrel for the first time since February 2020, before economic lockdowns hit worldwide demand for oil, especially transport fuels.

Some analysts were worried that the price could fall again as some major economies went back into lockdown amid a surge in COVID-19 infections. (AP/File)
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