Saudi cuts drive oil price surge
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.
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