Oil extends gains after OPEC+ maintains oil output policy

Oil prices extended gains on Thursday as OPEC+ maintained its oil output policy in a meeting on Wednesday, Feb. 2, 2021, and as crude stockpiles in the US fell to their lowest levels since March 2020.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, extended its current oil output policy at a meeting on Wednesday, Feb. 3, 2021, a sign that producers are happy that the supply cuts are draining inventories despite the uncertainty over recovery in demand amid the coronavirus pandemic.

Meanwhile, US crude oil stockpiles fell by approximately 1 million barrels last week to 475.7 million barrels, their lowest since March, according to the Energy Information.

In terms of trading, international benchmark Brent crude was up 0.6% at $58.79 per barrel, at 9 am Makkah time.

WTI crude rose 0.7% to $56.06 a barrel.