Oil hits highest in a year on growth hopes, OPEC+ cuts

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Sat, 2021-02-06 03:22

LONDON: Oil hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.

New orders for US-made goods rose more than expected in December, pointing to continued strength in manufacturing. President Joe Biden’s drive to enact a $1.9 trillion coronavirus aid bill also gained momentum on Friday.

The Brent crude price is eyeing the $60 level as OPEC+ has successfully eased most supply side concerns and optimism on vaccinations improves globally. (Shutterstock)
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