Oil surges after OPEC+ decide not to increase supply, strong US jobs growth
NEW YORK (Reuters) – Oil prices jumped about 3% on Friday, hitting their highest levels in more than a year, following a stronger-than-expected U.S. jobs report and a decision by OPEC and its allies not to increase supply in April.
Brent futures rose $2.62, or 3.9%, to settle at $69.36 a barrel. The session high for the global benchmark was its highest since January 2020.
U.S. West Texas Intermediate (WTI) crude rose $2.26, For the week, Brent gains 5.2% gain, WTI up 7.4%or 3.5% to settle at $66.09 a barrel.
For the week, Brent was up 5.2%, rising for a seventh week in a row for the first time since December, while WTI was up about 7.4% after gaining almost 4% last week.
