Oil posts biggest weekly gain in 4 months on Russia output cut and China demand prospects – The National

Oil posts biggest weekly gain in 4 months on Russia output cut and China demand prospects – The National

Oil prices climbed on Friday, posting their biggest gain in fourth months, as traders evaluated the prospects of further tightening of the market amid a gradual rebound in China’s crude demand and Russia’s plans to cut oil production.

Brent, the benchmark for two thirds of the world’s oil, settled was 2.24 per cent higher at $86.39 a barrel at the close of trading on Friday. West Texas Intermediate, the gauge that tracks US crude, closed up 2.13 per cent at $79.72 a barrel.

Brent recorded a weekly gain of 8.1 per cent, while WTI added 8.6 per cent.