Oil prices remained elevated and were still on the rise on Thursday, hitting an 11-month high, as the effects of Saudi Arabia’s surprise announcement about an additional million barrels of crude oil production cuts still has enough juice to withstand civil unrest in the United States and the global pandemic. At 4:11 p.m. EST, the WTI benchmark was trading up 0.61% on the day at $50.94. The last time WTI traded above $50 per barrel was February. One week ago, the WTI benchmark closed at $48.52. The Brent crude benchmark is now trading at $54.50, up 0.37% on the day. February was the last time the Brent benchmark sat above $54. The oil market seems to be focusing more on what Saudi Arabia can do to rebalance oil’s supply and demand than on any political instability brewing in the United States. The oil markets also seem to be discounting […]