Oil prices at highest since February 2020 following Saudi output cut

Oil producers are concerned that the continued COVID-19 pandemic could hurt demand.
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Employees of Aramco work at Saudi Arabia's Abqaiq oil processing plant on Sept. 20, 2019, shortly after an air attack damaged the installation. Saudi Arabia said on Jan. 5, 2021, that it would reduce production, causing a spike in world oil prices. - FAYEZ NURELDINE/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

Oil is up to its highest price since February 2020 following a Saudi production cut.

On Wednesday, the price of Brent crude oil — the global benchmark for oil prices — rose to above $54 a barrel. This was the highest price of the commodity since Feb. 25, when the price was $54.95. Prices on Thursday continued to be in the $54 range, according to market data from Bloomberg.

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