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Saudi Arabia reduced crude oil supplies to at least 11 refiners in Asia and most buyers in Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.

These past five years could very well go down as the best years that U.S. shale oil exporters will ever see.

Oil fell as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.

The U.S. didn’t import any Saudi crude the week of Dec. 28 for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic.

Oil advanced with support from a weaker dollar and expectations of declining U.S. crude inventories.

A brief rally in crude oil deflated Dec. 28 as investors ignored a broader market surge that pushed equities to an all-time high and focused instead on looming new supply from OPEC+.

Oil extended gains, trading at its highest level since March, on mounting optimism that recent breakthroughs on a COVID-19 vaccine will lead to a swift recovery in global energy demand next year.

Oil reclaimed heights not seen since the pandemic shocked markets in the spring, with the start of the U.S. presidential transition and improved vaccine prospects infusing optimism across markets.

Oil is poised for a third weekly gain with positive COVID-19 vaccine developments paving the way for a more sustained recovery in oil demand.

Crude held onto a rally amid progress on the development of coronavirus vaccines, with investors shrugging off a smaller-than-expected U.S. inventory build.