Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. “Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude,” said Vandana Hari, energy analyst at Vanda Insights. “Right now, the concurrent tightening of supply due to the additional Saudi cuts is adding to the tailwinds,” Hari said. “Brent may be well on its way to the $60 milestone.” Brent crude futures climbed 40 cents, or 0.7%, to $59.24 a barrel by 0428 GMT, after hitting a high of $59.41, its highest since Feb. 20 last year. Brent is on track to rise 6% this week. US West Texas Intermediate (WTI) crude futures jumped 42 cents, or 0.8%, to $56.65 a barrel, after touching a high of $56.84, its top since Jan. 22 last year. The benchmark contract is on track for a weekly gain of nearly 9%, which would be its biggest weekly gain since October.
Co-produced by Xulfi [Zulfiqar Jabbar Khan] and Abdullah Siddiqui, directed by Zain Peerzada and Luke…
Systems Limited, Pakistan’s premier provider of IT and IT Enabled Services, had the distinct honor…
Being a journalist in Pakistan means you must be willing to live with a Damoclean…
Pakistan's historic lunar payload - regardless of how small it may be when compared to…
Barack Obama's rise to the presidency in 2009 gave hope to millions across the globe.…
Leave a Comment