Oil holds close to 11-month high, edges above $56 - Panorama Insurance Brokers

Oil holds close to 11-month high, edges above $56

(Reuters) – Oil rose above $56 a barrel on Tuesday and stayed close to an 11-month high, as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.

Saudi Arabia has said it will cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest U.S. oil supply reports are expected to show crude stocks fell for a fifth straight week. [EIA/S]

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