Oil extends gains, US crude clocks in 4.5%% weekly profit

2024-03-01 22:08PM UTC

Oil prices advanced on Friday as investors await OPEC+ decisions on supplies, expected to extend voluntary production cuts for the second quarter of the year.


Reuters sources indeed confirmed that OPEC+ is preparing to extend production cuts potentially to the end of the year, with the decision taken in the first week of March. 


On trading, Brent May futures rose 2%, or $1.64 to $83.55 a barrel, marking a weekly profit of 3.4%.


US crude futures due in April closed 2.2% higher, or $1.71 to $79.97 a barrel, clocking in a weekly profit of 4.55%. 


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