London — Oil prices hit their highest since late February on Thursday after a fall in US stockpiles added further support following the unilateral decision by Saudi Arabia to cut output.
Saudi Arabia, the world’s biggest oil exporter, said it would voluntarily cut 1-million barrels per day of output in February and March, after oil cartel Opec and its allied producers, including Russia , met earlier this week. US crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
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