Oil Gains on Continued OPEC+ Cuts and US Stocks Draw

Oil Gains on Continued OPEC+ Cuts and US Stocks Draw
General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, N.J., on March 30, 2020. Mike Segar/Reuters
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LONDON—Oil prices extended gains on Feb. 4 after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new U.S. pandemic relief bill adding further price support.

Brent crude futures gained 24 cents, or 0.41 percent, to $58.70 a barrel by 1346 GMT, having earlier hit their highest level since Feb. 21 last year at $59.04.