Brent crude boosts gains, posts weekly rise of 4%

Oil drilling rigs

Oil prices extended their gains on Oct. 25, as investors assessed the ongoing conflict in the Middle East and ceasefire talks ahead of the US elections next month.

Prices of Brent crude futures for December delivery rose by 2.25%, or $1.67, to $76.05 a barrel, achieving weekly gains of 4.1%.

Similarly, the US WTI crude futures for December delivery—the most active contract—increased by 2.25%, or $1.59, to $71.78 a barrel, rising by 4.5% since the beginning of the week.

As for gold, the December futures prices rose by 0.2%, or $5.7, to $2,754.60 per ounce, marking the third consecutive week of gains for the precious metal, with a 0.9% gain this week.