{"id":1139,"date":"2021-01-08T13:00:10","date_gmt":"2021-01-08T13:00:10","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=1139"},"modified":"2021-01-08T13:05:24","modified_gmt":"2021-01-08T13:05:24","slug":"oil-hits-11-month-highs-on-saudi-output-cut-pledge-equities-rally","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/08\/oil-hits-11-month-highs-on-saudi-output-cut-pledge-equities-rally\/","title":{"rendered":"Oil hits 11-month highs on Saudi output cut pledge, equities rally"},"content":{"rendered":"<p>Oil prices on Friday hit 11-month highs and were on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following Saudi Arabia\u2019s pledge to cut output.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1140\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/oil-near-11-month-high-saudi-oil-out-put-cut-rapid-news-rapidnews.jpg\" alt=\"oil-near-11-month-high-saudi-oil-out-put-cut-rapid-news-rapidnews\" width=\"800\" height=\"532\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/oil-near-11-month-high-saudi-oil-out-put-cut-rapid-news-rapidnews.jpg 800w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/oil-near-11-month-high-saudi-oil-out-put-cut-rapid-news-rapidnews-300x200.jpg 300w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/oil-near-11-month-high-saudi-oil-out-put-cut-rapid-news-rapidnews-768x511.jpg 768w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/oil-near-11-month-high-saudi-oil-out-put-cut-rapid-news-rapidnews-675x450.jpg 675w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>Brent crude climbed 39 cents, or 0.7 per cent, to $54.77 a barrel by 0757 GMT, after touching $54.92, the highest since Feb. 26.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Saudi Arabia said it would unilaterally cut 1 million barrels a day of its current crude production next month <a href=\"https:\/\/t.co\/OdPZlRXcTt\">https:\/\/t.co\/OdPZlRXcTt<\/a><\/p>\n<p>\u2014 Senator John Cornyn (@JohnCornyn) <a href=\"https:\/\/twitter.com\/JohnCornyn\/status\/1346528806237036552?ref_src=twsrc%5Etfw\">January 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Saudi Arabia Will Cut Its Oil Production, Allowing Russia\u2019s to Grow <a href=\"https:\/\/t.co\/QMzx2nbqxP\">https:\/\/t.co\/QMzx2nbqxP<\/a><\/p>\n<p>\u2014 Eddy Elfenbein (@EddyElfenbein) <a href=\"https:\/\/twitter.com\/EddyElfenbein\/status\/1346807969531494400?ref_src=twsrc%5Etfw\">January 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">A quick breakdown of Saudi&#8217;s surprise voluntary oil production cut:<\/p>\n<p>Before the cut: Selling ~10mm bpd @ $45 per barrel:<br \/>\n$450MM per day in revenue.<\/p>\n<p>After cuts: Selling ~9MM bpd @ $50 per barrel:<br \/>\n$450MM per day in revenue.<\/p>\n<p>Well played. <a href=\"https:\/\/twitter.com\/hashtag\/oilprice?src=hash&amp;ref_src=twsrc%5Etfw\">#oilprice<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/OPEC?src=hash&amp;ref_src=twsrc%5Etfw\">#OPEC<\/a><\/p>\n<p>\u2014 ryansitton (@RyanSitton) <a href=\"https:\/\/twitter.com\/RyanSitton\/status\/1347352730067742723?ref_src=twsrc%5Etfw\">January 8, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">&#8220;U.S. Imports No Saudi Crude for First Time in 35 Years&#8221; <a href=\"https:\/\/t.co\/z4kdOcHeKg\">https:\/\/t.co\/z4kdOcHeKg<\/a> <a href=\"https:\/\/t.co\/t2RzS67tWD\">pic.twitter.com\/t2RzS67tWD<\/a><\/p>\n<p>\u2014 Scott Lincicome (@scottlincicome) <a href=\"https:\/\/twitter.com\/scottlincicome\/status\/1347281800649973761?ref_src=twsrc%5Etfw\">January 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>US West Texas Intermediate (WTI) gained 33 cents, or 0.7 per cent, to $51.16. The contract also touched its highest since Feb. 25 at $51.34 earlier in the session.<\/p>\n<p>Both benchmarks are on track for weekly gains of more than 5 per cent.<\/p>\n<p class=\"_111956\">\u201cSaudi\u2019s decision to make voluntary cuts to its output continued to provide support,\u201d said Hiroyuki Kikukawa, general manager of research at Nissan Securities.<\/p>\n<p>\u201cStrong global equities, backed by excessive liquidity, also prompted fresh buying in oil,\u201d he added, but said oil and stock markets could see a correction soon as their rallies do not reflect fuel demand and the global economy.<\/p>\n<p>Earlier this week, Saudi Arabia, the world\u2019s biggest oil exporter, said it would cut output by an additional 1 million barrels per day (bpd) in February and March.<\/p>\n<p>On Thursday, seven North Sea crude cargoes were bought and sold in the trading window operated by Platts, a record amount that trade sources said may reflect tighter supply after the surprise cut.<\/p>\n<p>UBS raised its forecast for Brent to $60 per barrel by mid-year, following Saudi Arabia\u2019s unilateral cut and expectations of a second quarter demand recovery as coronavirus vaccine rollouts should revive travel.<\/p>\n<p>Asian shares vaulted to record highs on Friday and Japan\u2019s Nikkei hit a three-decade peak as investors looked beyond rising coronavirus cases and political unrest in the United States to a hoped-for economic recovery later in the year.<\/p>\n<p>\u201cOil markets are expected to stay in a bullish tone toward February on the back of Saudi\u2019s surprise promise to cut production,\u201d said Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.<\/p>\n<p>\u201cBut concerns over slower demand in gasoline and other fuels in the United States and other parts of the world due to wider restrictions to contain spreading Covid-19 pandemic may limit gains.\u201d<\/p>\n<p>The pandemic claimed its highest US death toll yet, killing more than 4,000 people in a single day, while China reported the biggest rise in daily cases in more than five months and Japan may extend a state of emergency beyond the greater Tokyo region.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices on Friday hit 11-month highs and were on track for a strong weekly<\/p>\n","protected":false},"author":1,"featured_media":1141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-1139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Surprise Cut Continues To Lift Oil Prices | Rapid News<\/title>\n<meta name=\"description\" content=\"Oil prices on Friday hit 11-month highs and were on track for a strong weekly gain as a rally 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href=\"https:\/\/dailyrapidnews.com\/eng\/category\/business\/\" rel=\"category tag\">Business<\/a>","tag_info":"Business","comment_count":"0","jetpack-related-posts":[{"id":2744,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/01\/26\/oil-prices-near-11-month-highs\/","url_meta":{"origin":1139,"position":0},"title":"Oil prices near 11-month highs","date":"January 26, 2021","format":false,"excerpt":"Oil prices ticked up on Tuesday alongside rising European shares and amid reports of a blast in Saudi Arabia, trading near 11-month highs. Brent crude was up $0.43, or 0.8%, at $56.31 by 1117 GMT, while US crude rose $0.43, or 0.8%, to $53.20. Both contracts rose nearly 1% on\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"rapid-news-rapidnews-Oil-prices-near-11-month-highs-dailyrapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/01\/rapid-news-rapidnews-Oil-prices-near-11-month-highs-dailyrapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":3563,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/02\/oil-rises-on-hopes-of-recovery-in-global-demand\/","url_meta":{"origin":1139,"position":1},"title":"Oil rises on hopes of recovery in global demand","date":"February 2, 2021","format":false,"excerpt":"Oil prices rose on Monday, with the US crude extending its gains for the second straight day, while Brent on track for its first daily gain out of 4 days, on hopes over the global demand recovery, which offset the impact of rising US drilling activity. US crude rose 1.0%\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-rises-on-hopes-of-recovery-in-global-demand-rapidnews-rapid-news","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/Oil-rises-on-hopes-of-recovery-in-global-demand-rapidnews-rapid-news.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":5954,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/05\/oil-hits-almost-14-month-high-as-opec-extends-output-cuts\/","url_meta":{"origin":1139,"position":2},"title":"Oil hits almost 14-month high as OPEC+ extends output cuts","date":"March 5, 2021","format":false,"excerpt":"Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Brent crude futures were up $1.52, or\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-hits-almost-14-month-high-as-Opec-extends-output-cuts-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-hits-almost-14-month-high-as-Opec-extends-output-cuts-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":4169,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/09\/oil-hits-13-month-highs-on-supply-cuts-weak-dollar\/","url_meta":{"origin":1139,"position":3},"title":"Oil hits 13-month highs on supply cuts, weak dollar","date":"February 9, 2021","format":false,"excerpt":"Oil hit 13-month highs on Tuesday with the Brent benchmark staying above $60 a barrel, supported by supply cuts, a weak dollar and optimism over a recovery in fuel demand. Brent crude futures for April were up $0.16, or 0.3%, to $60.72 a barrel by 1301 GMT. US West Texas\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"oil-hits-13month-high-suplly-cuts-weak-dollar-rapid-news-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/02\/oil-hits-13month-high-suplly-cuts-weak-dollar-rapid-news-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6653,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/15\/oil-reaching-70-as-china-energy-demand-outlook-brightens\/","url_meta":{"origin":1139,"position":4},"title":"Oil reaching $70 as China energy demand outlook brightens","date":"March 15, 2021","format":false,"excerpt":"Oil prices stood steady on Monday, with Brent reaching $70 a barrel, as data showed China\u2019s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world\u2019s largest oil importer. Brent crude futures for May were steady at $69.21, down $0.01 a barrel by 1150\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-reaching-$70-as-China-energy-demand-outlook-brightens-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-reaching-70-as-China-energy-demand-outlook-brightens-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6151,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/08\/key-oil-price-surges-above-70-after-attack-on-saudi-facilities\/","url_meta":{"origin":1139,"position":5},"title":"Key oil price surges above $70 after attack on Saudi facilities","date":"March 8, 2021","format":false,"excerpt":"Brent crude futures surged above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities. Brent crude futures for May hit $71.38 a barrel in early Asian\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Key-oil-price-surges-above-70-after-attack-on-Saudi-facilities-rapid-news-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Key-oil-price-surges-above-70-after-attack-on-Saudi-facilities-rapid-news-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/1139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=1139"}],"version-history":[{"count":4,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/1139\/revisions"}],"predecessor-version":[{"id":1145,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/1139\/revisions\/1145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/1141"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=1139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=1139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=1139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}