Oil Extends Weekly and Monthly Gains

Oil prices rose on, extending their monthly gains in the first month of the year, on the back of hopes for a recovery in the global demand for crude and amid some global supply disruptions.

Brent crude futures for March delivery gained 35 cents, or 0.6%, to close at $55.88 per barrel.

For the week, the global benchmark futures rose by about 0.9%, while for the month of January, Brent futures gained about 7.9%.

Meanwhile, the U.S. benchmark West Texas Intermediate (WTI) crude futures for March delivery lost 14 cents, or 0.3%, and finished at $52.20 per barrel, turning to a small loss for the week at 0.1%.

On a monthly basis, the American crude most active contracts rose by about 7.6%.

Oil prices remain supported by the policy of the OPEC+ alliance, which agreed earlier to maintain output cuts during February.