NEW YORK: Oil prices climbed on Friday after Russia announced a plan to cut its oil production, reported Xinhua.
The West Texas Intermediate (WTI) for March delivery gained US$1.66, or 2.13 per cent, to settle at US$79.72 a barrel on the New York Mercantile Exchange. Brent crude for April delivery added US$1.89, or 2.24 per cent, to close at US$86.39 a barrel on the London ICE Futures Exchange.
Russian Deputy Prime Minister Alexander Novak said Friday that Russia will voluntarily reduce its oil production by 500,000 barrels per day in March.
“This will help balance market relations,“ Novak said in a statement.
The official underscored that Russia is marketing the entire amount of its oil, but it will not sell oil to those complying with a Western-imposed price cap.
For the week, the WTI advanced 8.6 per cent, while Brent rose 8.1 per cent, based on the front-month contracts. - Bernama
