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Oil soars above US$66 with Saudi supply gamble buoying crude bulls Saket Sundria and Alex Longley, Bloomberg News Saudi oil minister says days of drill, baby, drill are over VIDEO SIGN OUT Oil rallied to the highest in nearly two years in New York after OPEC+ shocked markets with a decision to keep supply limited as the global economy starts to recover from the pandemic-driven slump. U.S. benchmark crude futures topped US$66 a barrel on Friday, while its global counterpart Brent edged closer to the key US$70-a-barrel level. The producer alliance’s aggressive supply management and the continued rollout of vaccines worldwide has aided a stellar rebound for crude since the depths of the coronavirus-related fallout. OPEC+’s surprise decision on Thursday to keep output steady in April has accelerated those price gains, spurring a wave of upgrades in oil price forecasts by major banks and a surge in the market’s structure.

New yorkUnited statesNew zealandSaudi arabiaAr riyaAndrew lebowNatasha kanevaPaul horsnellPierre andurandSaudi energyStandard chartered plcGoldman sachs group incFederal reserveJpmorgan chase coAustralia new zealand banking group ltdCommodity research group