Global Oil Output Cut Deal

Oil prices settled higher, hitting 11-month peaks, as markets remained focused on Saudi's unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political turmoil in the US

Oil prices rose on Wednesday to highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers

Saudi Arabia pledged additional, 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

He said that the extension will not depend of the situation shaping up on the world market