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Oil Rises and Logs 2% Weekly Rise

M. Ali 5 December, 2020 2:02 am Commodities, Market Update

Oil prices rose on Friday, extending its weekly gains, supported by a positive reaction to the OPEC+ move, which is seen as an indicator of market recovery signs.

Brent crude futures for February delivery rose by 54 cents, or 1.1%, to finish at $49.25 per barrel.

For the week, the global benchmark’s futures rose by 2.1%.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery leveled up by 62 cents, or 1.4%, to close at $46.26 per barrel, gaining 1.6% for the week.

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