Iran Press/ America: Moscow says it will reduce output by half a million barrels, equivalent to about 5% of January levels. The cut was the first major effect on Russian production from the swath of sanctions that have been placed on the country’s output, leading West Texas Intermediate to advance to just below $80.
Brent crude futures rose to settle at $1.89, or 2.2%, to $86.39 a barrel. US West Texas Intermediate crude futures (WTI) were up $1.66, or 2.1%, at $79.72.
This week’s rally also got a boost from Saudi Arabia’s decision to sell barrels at higher prices to Asian countries amid stronger demand from China as well as supply disruptions in Turkey, Norway, and Kazakhstan.
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