ET - WTI crude tops $55 for first time in a year as producers commit to restraint

Crude oil futures take aim at their highest finish in more than a year, as major producers showed they were reining in production roughly in line with their commitments.March WTI crude (CL1:COM) +2.8% to $55.08/bbl, poised for the highest front-month contract settlement since January 2020, and April Brent (CO1:COM) +2.7% to $57.87/bbl, on track for its best finish since February last year.Saudi Arabia's 1M bbl/day unilateral output cut is providing a tailwind for oil prices, Sevens Report Research says. "Oil prices are in a well-defined uptrend and barring any fundamental surprises, should continue to move up toward $60/bbl near term."OPEC crude production rose for a seventh month in January but the increase was smaller than expected, according to a Reuters survey."With OPEC and its allies endeavoring to keep global oil production below demand, we expect petroleum inventories to keep falling," UBS analysts say. "With inventories starting to drop in 2H20,

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WTI crude tops $55 for first time in a year as producers commit to restraint