Today’s News Update :-

Oil prices hit 11-month highs and were on track for a weekly gain on Friday, supported by Saudi Arabia’s pledge to cut output and a global stocks rally as investors looked beyond rising coronavirus cases.

Saudi Arabia this week pledged extra, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns.

However, analysts said oil prices could see a correction in the coming months if their rallies were not backed by stronger fuel demand.

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