Oil Prices Extend Weekly Gains

Oil prices rose on Friday, supported by geopolitical tensions raising concerns about crude supplies from the Middle East.

Brent crude futures for April delivery gained $1.29, or 2.1%, to close at $62.43 per barrel.

For the week, the global benchmark crude most active contracts gained 5.2%.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery rose by $1.23, or 2.1%, to finish at $59.47 per barrel, rising by 4.6% for the week.

Earlier today, the weekly report by Baker Hughes showed that the number of active rigs drilling for oil in the United States increased by 7 to 306 this week, rising for the 12th consecutive week.