Abu dhabi: Oil prices rose on Friday by more than 3% amid strong weekly gains for both benchmark crudes. Brent crude futures increased by $3.54, or 3.35%, to settle at $109.26 per barrel. US West Texas Intermediate (WTI) crude futures also rose by $4.25, or 4.2%, closing at $105.42 per barrel.
According to Emirates News Agency, over the week, Brent crude climbed by 7.84%, while WTI jumped by 10.48%. These substantial increases highlight a significant upward trend in the oil market, reflecting changing dynamics and potential impacts on global economies and industries reliant on oil.