Crude oil made a 2-month high today with the WTI futures contract trading as high as 120.99 US$ bbl and the Brent contract reaching US$ 121.95 bbl early in the Asian session. Both have since eased off more than a dollar.
Last week, OPEC+ members agreed to lift daily production quotas, but it seems apparent that the cartel will be unable to hit their targets. The fall in US inventories revealed by the Energy Information Administration (EIA) on Thursday has also underpinned crude.
