Oil prices climb on hope for US economic growth

Gulf Today Report 

Oil prices advanced on Friday, their highest level in a year due to indication of economic recovery in the United States and OPEC+ decision to cut supply.

Brent crude futures climbed 40 cents, or 0.7%, to $59.24 a barrel by 04:28 GMT, it is on track to rise 6% this week. US West Texas Intermediate (WTI) crude futures jumped 42 cents, or 0.8%, to $56.65 a barrel. 

READ MORE 

Gold prices inch up as dollar firms

US jobless claims grind lower as market stabilises

UAE committed to develop the national industrial ecosystem

Hope for approval of the proposed $1.9 trillion US stimulus aid plan has encouraged markets.

The demand for crude oil in China has also supported the market, according to a report.

In a note, Stephen Innes said, "when demand drives commodity prices, it has a more bullish impact and leaves a more lasting reflection on price action."