Crude oil prices surged nearly 8 percent during the week to hit their highest level in nearly a year yesterday, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets.

 
So the Brent crude oil prices climbed 8.1 percent during the week to settle at 55.99 dollars a barrel. US crude gained 7.7 per cent to also close at 52.24 dollars a barrel, its highest level since February.

 
Saudi Arabia this week pledged extra, voluntary oil output cuts of 1 million barrels per day in February and March as part of a deal under which most OPEC Plus producers will hold production steady during new lockdowns.

 
The number of US oil rigs rose for the seventh straight week, gaining eight to 275 this week to its highest since May, according to energy services firm Baker Hughes Co. Analysts said, oil prices could see a correction in the coming months if fuel demand remains constrained by the pandemic.

 
The pandemic claimed its highest US death toll yet this week, killing more than 4,000 people in a single day, while China reported its biggest rise in daily cases in more than five months, while Japan may extend a state of emergency beyond the greater Tokyo region.