Brent crude settled up US70 cents, or 1.3%, at $54.30 a barrel. Earlier in the session, it hit a high of $54.73 a barrel, a level not seen since Feb. 26,2020. U.S. West Texas Intermediate (WTI) futures settled 70 cents higher, or 1.4%, at $50.63 a barrel. The contract touched $50.94 a barrel, its highest since late February.oil (File pic shows oil storage at Cushing, Oklahoma. - Reuters)
NEW YORK: Oil prices rose to their highest levels since February on Wednesday after Saudi Arabia announced a big voluntary production cut and on a steep fall in U.S. crude inventories.
Futures contracts pared gains in thin post-settlement trade after protesters stormed the U.S. Capitol building in an attempt to thwart the certification of Donald Trump's loss in November's U.S. presidential election.
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