Oil ticks higher, records weekly gain of over 6%

26/01/2024 Argaam

Oil ticks higher, records weekly gain of over 6%

Oil drilling rigs

Oil prices rose significantly this week, driven by US economic growth data amid the current geopolitical tensions in the Middle East, which helped record second straight weekly gain.

 

Brent crude for March delivery settled 1.35% higher at $83.55 a barrel, the highest level since Nov. 6, with a weekly gain of 6.35%.

 

Similarly, US West Texas Intermediate (WTI) crude, scheduled for delivery in March, rose 0.85% to $78.01 a barrel, with a weekly gain of 6.50%.

 

The US drilling rig count rose two units to 499 in the week ended Jan. 26, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

OPEC+ will likely decide its oil production levels for April and beyond in the coming weeks, Reuters reported.

 

A meeting of the Joint Ministerial Monitoring Committee (JMMC) next Thursday would take place too early to take decisions on further output policy.

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