Oil prices continued to rise today, as Brent crude rose above $ 59 a barrel, for the first time since February 2020, after data that showed a decrease in US crude stocks.
By 02:58 Washington time, US West Texas Intermediate crude futures rose 0.86% to $ 56.16 a barrel, while Brent futures rose 0.79% to $ 59.01 a barrel.
Experts attributed the high oil price to Saudi Arabia’s recent decision to implement an additional production cut of one million barrels in February and March 2021.
Prices were also supported by US data, and the US Energy Information Administration said that US inventories of crude oil fell last week to 475.7 million barrels, the lowest level since March 2020, while refinery operating rates increased 0.6 percentage points.