Oil Prices Closes Higher and Extend Large Weekly Gains

Oil prices rose on Friday, extending their weekly gains, most of which came on the back of the commitment of the OPEC+ alliance to the agreed-upon production cuts.

This week, oil prices kept rising to new highs not seen in a year.

Brent crude futures for April delivery rose by 50 cents, or 0.9%, to close today’s session at $59.34 per barrel.

The global benchmark most active contracts registered gains of 7.8% during the first week of February, reaching their highest level in a year since January 29 of last year.

In addition, the six consecutive rises for Brent futures marked the longest rising streak since June 5 of last year.

It is worth noting that last month Brent futures rose by 7.9%.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery closed Friday higher by 62 cents, or 1.1%, at $56.85 per barrel, rising by 8.9% for the week.

This is the highest closing level for the U.S. benchmark crude oil since January 21, 2020.

Last month, WTI futures rose by 7.6%.