Oil prices surge as Saudi Arabia pledges to cut output

Oil prices shot higher Tuesday following Saudi Arabia’s surprise announcement that it would trim production, while global equities had a mixed session as governments contend with coronavirus outbreaks and difficulties with vaccinations. The price of the main US oil contract, WTI, jumped more than five percent higher at one point to hit $50 a barrel for the first time since February. Members of the oil cartel OPEC and their partners agreed Tuesday to raise output slightly in February and March, but only in Russia and Kazakhstan, while Saudi Arabian Energy Minister Prince Abdulaziz bin Salman an…

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