Oil prices climb on hope for US economic growth
- Last updated: February 5, 2021 | 12:42
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.
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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."