OPEC + 's promise to continue to support crude oil production cuts continues to support rising prices for these black commodities to continue to strengthen at one-year highs.
The Joint Monitoring Committee (JMMC) meeting on Wednesday saw the producing countries committed to continuing to help restore the balance of the world crude oil market.
Ministers led by Saudi Arabia and Russia stressed the importance of accelerating market rebalancing amid economic prospects and volatile oil demand.
The U.S. WTI oil benchmark traded up at $ 56.13 a barrel, after reaching its one-year high of Wednesday.
Brent crude strengthened at $ 58.80 a barrel, up more than 0.2% in today's Asian session, reaching its highest level since mid-February 2020.
In addition, a report from the Energy Information Administration (EIA), which showed a drop in US crude oil supply of 994,000 barrels last week, also supported the price increase.
The commodity was also backed by news that Democrats had taken the first step in developing a $ 1.9 trillion coronavirus aid plan proposed by President Joe Biden by approving his budget resolution in the U.S. House of Representatives.
