Al-Marsad Newspaper – Agencies: Oil recorded the sixth weekly gain after the highly anticipated OPEC + meeting achieved a modest increase in production, to continue concerns about the widening levels of the supply deficit in the markets.
West Texas Intermediate crude rose to settle above $118, achieving a weekly gain of 3.3%, while Brent crude ended Friday’s trading at $121.35, with gains of $3.74, or 3.18%.
The OPEC Plus alliance had agreed to increase production during the months of July and August. Meanwhile, job growth in the US exceeded estimates, indicating continued economic growth that will boost demand for crude and refined products.
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