Oil prices rise over 1%, record weekly gain

08:02 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices extended their gain on Friday as investors parsed US data that showed a decline in crude inventories for the fifth straight week.

 

Brent crude futures for February 2025 delivery leapt 1.25%, or $0.91, to $74.17 per barrel.

 

The US West Texas Intermediate (WTI) crude futures for February 2025 delivery also increased over 1.4%, or $0.98, to $70.6 per barrel.

 

Both contracts recorded weekly gains of 1.7% and 1.65%, respectively.

 

Data released by the US Energy Information Administration (EIA) on Dec. 27 showed that commercial crude oil inventories fell by 4.2 million barrels last week, compared to expectations of a 1.1-million-barrel drop.

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