Oil Resumes Gains Despite Uncertainties

Oil prices closed higher on Friday, ending a week of fluctuations due to a collection of upward and downward factors.

From one side, demand seems to be in the recovery phase, hence, the recent OPEC+ agreement to raise output by 2 million barrels per day, in addition to other positive economic data.

On the other hand, rising US inventories and worries about new lockdowns are pushing crude prices lower.

The US benchmark crude oil, the West Texas Intermediate (WTI), futures for September delivery closed higher by 22 cents or 0.5% at $41.29 a barrel, gaining 1.3% for the week.

Meanwhile, the Brent crude futures for September delivery marginally rose by 3 cents or 0.07% to $43.34 per barrel, rising by 0.5% for the week.