Brent Crude Oil Trades Above $56 Per Barrel For First Time Since February

MOSCOW (Pakistan Point News / Sputnik - 09th January, 2021) Brent crude oil futures on Friday briefly traded above $56 per barrel for the first time since last February.

March futures for the light crude oil traded $55.92 at 20:00 GMT, a 2.83 percent bump from the opening of trades, while WTI February futures traded at $52.25 per barrel at an identical increase.

The surge comes on the back of optimism of an amicable OPEC+ meeting earlier in the week where members agreed to a collective cut of 1.4 million barrels per day in oil output beyond previously set quotas.