Investing.com investing.com 08 Jan, 2021 03:30 am

Oil hovers near 11-month highs, sustained by Saudi output cuts pledge By Reuters

Oil hovers near 11-month highs, sustained by Saudi output cuts pledge By Reuters
Oil hovers near 11-month highs, sustained by Saudi output cuts pledge

Gold Heads for Sixth Weekly Gain on Stimulus Outlook, Fed Speak p (Bloomberg) -- Gold headed for a sixth weekly advance, the longest run since August, as investors focused on the prospect for more stimulus.Oil Heads for Weekly Gain on Saudi Cuts and Democratic Sweep p (Bloomberg) -- Oil headed for a ninth weekly gain in 10 as Saudi Arabia’s unilateral output cut eased over-supply fears and a Democratic sweep in the U.FILE PHOTO: General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden By Yuka Obayashi TOKYO (Reuters) - Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia's pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains.Earlier this week Saudi Arabia, the world's biggest oil exporter, said it would cut output by an additional 1 million barrels per day (bpd) in February and March.

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