Crude prices continued to rally after hitting their highest level in over a year, as production cuts by Russia and Saudi Arabia in an effort to boost the pandemic-hit market were bolstered by a global drawdown in inventories.

Both international benchmark Brent and West Texas Intermediate (WTI) advanced over one percent on Wednesday, trading at $58.18 per barrel and $55.44 per barrel respectively. The increase paves the way for another highest-closing record since the start of 2020. (RT)