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.<\/p>\n\n\n\n
This week, oil prices kept rising to new highs not seen in a year.<\/p>\n\n\n\n
Brent crude futures for April delivery rose by 50 cents, or 0.9%, to close today\u2019s session at $59.34 per barrel.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
In addition, the six consecutive rises for Brent futures marked the longest rising streak since June 5 of last year.<\/p>\n\n\n\n
It is worth noting that last month Brent futures rose by 7.9%.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
This is the highest closing level for the U.S. benchmark crude oil since January 21, 2020.<\/p>\n\n\n\n
Last month, WTI futures rose by 7.6%.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":10,"featured_media":32221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-41094","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=41094"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41094\/revisions"}],"predecessor-version":[{"id":41095,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41094\/revisions\/41095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32221"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=41094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=41094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=41094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}