{"id":107372,"date":"2021-01-06T01:38:34","date_gmt":"2021-01-06T01:38:34","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107372"},"modified":"2021-01-06T01:38:34","modified_gmt":"2021-01-06T01:38:34","slug":"oil-holds-gains-after-topping-50-on-saudi-pledge-to-cut-output","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/oil-holds-gains-after-topping-50-on-saudi-pledge-to-cut-output\/","title":{"rendered":"Oil Holds Gains After Topping $50 on Saudi Pledge to Cut Output"},"content":{"rendered":"

Oil held gains in Asia after surging to a 10-month high on a surprise Saudi Arabian pledge to cut an extra 1 million barrels a day of crude output in February and March as a rampant coronavirus saps demand.<\/p>\n

Futures in New York were steady after jumping 4.9% on Tuesday and briefly topping $50 a barrel for the first time since February. OPEC+ reached an agreement following two days of talks to curb supply over the next two months. The move by Saudi Arabia, the group\u2019s de-facto leader, paved the way for other producers to keep supplies unchanged and for Russia and Kazakhstan to lift output by a combined 75,000 barrels a day in both February and March.<\/p>\n

The kingdom\u2019s move, which Russia\u2019s deputy prime minister called a \u201cnew year gift\u201d to the oil market, comes amid more stay-at-home orders and travel restrictions to rein in a surge of infections. Germany extended its lockdown and tightened restrictions, while Dalian in China asked people considered more vulnerable to Covid-19 to leave the city due to an outbreak there.<\/p>\n

OPEC+ faces a complex demand outlook as it decides how to move forward with its output plan month by month. There are indications that parts of the global economy are staging a comeback, with a gauge of U.S. manufacturing expanding last month at the fastest pace since 2018. But other areas of the demand recovery that had seemed constant are showing signs of wavering.<\/p>\n\n\n<\/colgroup>\n\n\n\n
Prices<\/th>\n<\/tr>\n
\n