Crude oil hits 8% weekly gain and an 11-month High

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Crude oil soars on Saudi production cut announcement. this comes as OPEC is expected to discuss production cuts for February. OPEC+ is responsible for 60 percent of global crude production and voluntary cuts in its joint supply made it possible to contain in 2020 the fall in oil prices, caused in large part by the impact of the Covid-19 pandemic.

Brent crude was at $55.99 a barrel, up to $1.61, or 3%, on the day and 8.1% on the week. West Texas Intermediate crude futures (WTI) closed at $52.24 a barrel, gaining $1.41, or 2.8%, the highest since late February. WTI posted a weekly gain of 7.7%.

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