Brent crude hits four-week high after Russia cuts output

Brent crude added to its gains in European trade on Thursday, trading above $57 and advancing for the third straight session to a four-week high as most dollar-denominated commodities rise, while Russia cuts output according to the global production deal.
 
As of 13:06 GMT, Brent crude rose to $57.22 a barrel from the opening of $56.47, with an intraday low at $56.47, and the highest since January 6 at $57.42.
 
Brent April futures closed up 2% yesterday, the second daily gain in a row.
 
The dollar fell to a three-month low against a basket of currencies, underpinning commodities and dollar-denominated metals as they become cheaper for holders other currencies.
 
In Russia, the energy ministry announced that production has fallen to 11.11 million bpd in January, compared to 11.21 million bpd in December.
 
Russia thereafter has cut output by 100 thousand bpd according to the global production deal, and is expected to cut another 200 thousand bpd till June.
 
The global production deal states that OPEC cuts production by 1.2 million bpd, while other producers cut 300 thousand bpd, 300 thousand bpd from them are due on Russia.