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Oil prices were stable on Thursday after supporters of President Donald Trump invaded the U.S. Capitol, with investors focusing on the likelihood of a narrower supply after Saudi Arabia unilaterally agreed to cut production.
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Brent crude rose 8 cents to $ 54.38 a barrel at 0125 GMT, after gaining 1.3% overnight. The US West Texas Intermediate (WTI) gained 11 cents to $ 50.74, having fallen at the start of the Asian session. The contract rose 1.4% on Wednesday.
Saudi Arabia, the world’s largest oil exporter, said it would voluntarily cut one million barrels per day (bpd) of production in February and March, after OPEC +, which groups the Organization of Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
“WTI oil looks set to rise further as the Biden government restricts U.S. oil production, the Saudis have tentatively alleviated concerns about oversupply with its current 1 million bpd cut and how the dollar days look. counted, “said Edward Moya, senior market analyst at OANDA.
FUTURE STOCK INCREASES IN CAPITOL HILL LOCKDOWN, DC CURFEW TAKES EFFECT
A lower dollar makes oil cheaper because the commodity is mostly traded with the dollar.
US crude oil inventories have fallen and fuel inventories have increased, the Energy Information Administration said on Wednesday.
Oil stocks fell 8 million barrels in the week through January 1, to 485.5 million barrels, against a Reuters poll showing analysts had expected a decline of 2.1 million barrels.
OIL TOPS $ 50 AS SAUDI ARABIA PASSES UP
The drop in oil stocks is a typical end-of-year event, as energy companies pull oil out of storage to avoid tax bills.
Trump supporters stormed the US Capitol on Wednesday, sending him into blockade, as Vice President Mike Pence rejected a demand from the president to cancel his defeat for Democrat Joe Biden before the police declared the situation it was safe and certification of the election result resumed.
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(Reporting by Aaron Sheldrick; Editing by Jacqueline Wong)