Oil extends gains, Brent nears $59

Oil extends gains, Brent nears $59
Oil extends gains, Brent nears $59

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Jeddah - Yasmine El Tohamy - Oil prices extended gains on Thursday as OPEC+ maintained its oil output policy in a meeting on Wednesday, Feb. 2, 2021, and as crude stockpiles in the US fell to their lowest levels since March 2020.

International benchmark Brent crude was trading up 0.6 percent at $58.80 per barrel, at 7 am Riyadh time.

WTI crude rose 0.7 percent to $56.09 a barrel.

Crude prices have been rising now that OPEC+ has convinced the energy market that they are determined in accelerating market re-balancing without delay, Reuters reported, citing said Edward Moya, senior market analyst at OANDA.

Meanwhile, US crude oil stockpiles fell by 994,000 barrels last week to 475.7 million barrels, their lowest since March, according to the Energy Information.

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