Crude oil prices are at a 1-year high as Saudi Arabia pledges output cut

Crude oil prices are trading at a one-year high as a reaction to Saudi Arabia’s announcement that it will cut its output by 1 million bpd in February and March. At the same time, the API has indicated a drop in US oil inventories. As at 07.05 GMT, WTI crude oil futures were trading slightly above the psychological level of $50 at $50.15. Brent futures also rose by 0.90% to trade at $54.00. Later in the day, investors will be keen to see how the market reacts to EIA’s stockpiles figures. US records a drop in crude oil inventories Crude