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Oil climbs to 11-month high

by LLB Editor
8th Jan 21 12:03 pm

Crude oil has also had a good week, after Saudi Arabia, the world’s biggest oil exporter, agreed a voluntary production cut of 1m barrels per day in February and March. Oil prices have reached their highest level in 11 months.

Brent crude touched $54.92 a barrel, the highest since 26 February, and is now up 0.68% at $54.75 while US crude rose to the $51.34 a barrel, the highest since 25 February, and is now 0.59% higher at $51.13 this morning.

Sterling is also having a good day. It has extended gains against the euro to 89.94p, up 0.6% on the day.

The dollar has risen slightly ahead of the non-farm payrolls report at lunchtime, the latest data on the US jobs market which should give some indication as to how much more stimulus will be needed to boost the economic recovery.

Against a basket of major currencies the greenback is up 0.13% this morning, after its biggest gain in over two months yesterday – but is still on track for a weekly decline.

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