Black commodity trading climbed higher on Tuesday after major manufacturers showed that they had reduced crude oil production in line with OPEC's previous commitments.
The US WTI benchmark jumped to a price of $ 54 a barrel for the first time since February 2020, while Brent crude strengthened at $ 56.86 a barrel. Both benchmarks have increased over 2% in the previous session.
According to a Reuters survey, oil production rose for the seventh consecutive month in January after OPEC and its ally, OPEC + agreed to loosen production reductions further.
However, the increase was seen to be smaller than expected. OPEC produced 25.75 million barrels a day last month, up 160,000 barrels a day from December.
Russia increased its production in January, in line with an agreement reached during a meeting of the Joint Monitoring Committee (JMMC) earlier this month, while oil prices in Khazakhstan declined.
In the apda, Saudi Aramco estimates that crude oil demand will return to pre-Covid levels by the end of this year.
