Oil prices saw a notable increase, rising by nearly 1% during Friday’s trading to reach their highest levels in two weeks. This increase is attributed to growing expectations that the Federal Reserve may decide to cut interest rates next week, which is seen as a stimulus for economic growth and increased energy demand. In addition, geopolitical instability contributed to the impact on prices, as it is feared that it could lead to restrictions on supplies coming from Russia and Venezuela.
At the close of trading, Brent crude rose 49 cents, or 0.8%, to $63.75 a barrel. West Texas Intermediate crude ended trading up 41 cents, or 0.7%, at $60.08 a barrel.
“Both crudes recorded their highest closing levels since November 18, Brent rose 0.90% during the week, while US crude rose 2.6%.”
