Rolling coverage of the latest economic and financial news

10.36am GMT

Oil’s rally is being driven by Saudi Arabia’s pledge last week to cut its crude output in February and March.

This production cut pledge is protecting prices during the ongoing travel restrictions and lockdowns, which are likely to weigh on demand.

Saudi Arabia in particular is ensuring through its additional voluntary production cuts that the market is undersupplied if anything.

10.01am GMT

Oil is strengthening further, with Brent crude now up 1.5% at $56.50 per barrel, its highest level since last February.

Bitcoin’s holding most of its earlier gains, too, up 5.8% today at around $35,900.

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