Oil prices rise to their highest since February 2020

Oil prices today rose to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied oil producers. On the other hand, industry figures showed that U.S. crude stockpiles had come down last week.   In intra-day trade, Brent crude prices were trading around USD 54 per barrel while WTI crude prices were around USD 50.50 per barrel.