Oil Prices Extends Weekly Gains on Friday

Oil prices continued to be supported by the recent OPEC+ agreement to reduce output, led by Saudi Arabia, and the huge decline in crude inventories in the United States.

Brent crude futures for March delivery rose by $1.61, or 3%, to finish the week at $55.99 per barrel, extending its weekly gains to more than 8%.

Meanwhile, the West Texas Intermediate (WTI) futures for February delivery closed higher by $1.41, or 2.8%, at $52.24 per barrel, adding 7.7% for the week.