Brent futures rose US$1.63, or 2.3%, to settle at $72.70 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.32, or 2.0%, to settle at $68.74. That was the highest close for Brent since Aug. 2 and for WTI since Aug. 12. For the week, Brent gained over 11% and WTI rose more than 10%, which was the biggest weekly percentage gains for both since June 2020.
NEW YORK: Oil prices rose 2% on Friday, posting their biggest weekly gains in over a year, as energy firms began shutting U.S. production in the Gulf of Mexico ahead of a major hurricane expected to hit early next week.
Brent futures rose US$1.63, or 2.3%, to settle at $72.70 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.32, or 2.0%, to settle at $68.74.
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