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Oil prices continued their upward trajectory on Friday, building on gains from the previous session when they closed at their highest levels in more than two months. This surge comes amid optimism that governments worldwide will intensify policy support to stimulate economic growth, thereby boosting fuel demand.
Brent crude futures rose by 16 cents, or 0.2%, to reach $76.09 per barrel, after closing on Thursday at their highest level since October 25.
Meanwhile, U.S. West Texas Intermediate (WTI) crude climbed 19 cents, or 0.3%, to $73.32 per barrel. Thursday’s close marked the highest for WTI since October 14.
Both benchmarks are on track to record their second consecutive weekly gains as investors return to the market following the holiday season.
