Oil rises 2% on Friday, records weekly gain

01/03/2024 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose on Friday as investors awaited the OPEC+ non-supply reduction decision. Reports suggest that the alliance intends to extend voluntary cuts for the second quarter of the year.  

 

Futures for Brent crude, scheduled for May delivery, rose by 2% to settle at $1.64, with a weekly gain of 3.4%.

 

Similarly, futures prices for US West Texas Intermediate (WTI) crude, scheduled for April delivery, gained 2.2% to $79.97 per barrel, recording a weekly gain of around 4.55%.

 

The US drilling rig count rose three units to 506 in the week ended March 1, Baker Hughes energy services firm said in its closely followed report on Friday.

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