Oil Prices Close Friday Up by 2%

Oil prices gained more than 2% on Friday, after the International Energy Agency (EIA) expected improved demand for crude during 2020, claiming that the worst effects of the COVID-19 pandemic on the oil market are over.

Brent crude settled higher by 2% or 89 cents at $43.24 per barrel, while the US benchmark West Texas Intermediate (WTI) futures closed at $40.55 a barrel, up by 2.4% for the day.

For the week, WTI remained nearly unchanged while Brent logged weekly gains of about 1%.