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Oil Logs Seventh Weekly Gains in Row

M. Ali 19 December, 2020 3:33 am Commodities, Market Update

Oil prices closed higher on Friday, reaching their best finishing level since February.

Brent crude futures for February delivery rose by 76 cents, or 1.5%, to settle at $52.26 per barrel.

This is the highest closing level for the global benchmark most active futures since February 26.

For the week, Brent futures gained 4.6% in its seventh consecutive weekly rise.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery added 74 cents, or 1.5%, to finish at $49.10 per barrel, rising by 5.4% for the week.

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