Oil prices rose at the close, by about 1%, achieving their highest level since the end of last November, marking their second consecutive weekly gains.
The US crude oil futures rose by 0.84% to reach $78.01 per barrel at settlement, marking the highest level since November 29th.
Furthermore, Brent crude futures rose by 1.36% to settle at $83.55 per barrel, reaching their highest level since November 30th.
Regarding weekly performance, oil prices recorded their second weekly gain this year, supported by the US economic growth and indications of Chinese stimulus, which boosted demand expectations. Additionally, concerns about supply in the Middle East provided further support.
The United States, the largest consumer of oil in the world, recorded faster-than-expected economic growth in the fourth quarter, according to data released on Thursday, January 25th.
Brent crude and WTI crude achieved weekly gains of over 6%, marking their biggest weekly increase since the week ending October 13th, following the start of the conflict between Israel and Hamas in Gaza.
Oil received support this week as there was a larger-than-expected decrease in US crude inventories. This is because depleting inventories, especially around the delivery point for futures contracts at the New York Exchange in Cushing, Oklahoma, and throughout the Midwest, can create pressure on near-term futures prices.
Possible fuel supply disruption after a Ukrainian drone attack on an oil refinery earmarked for export in southern Russia has resulted in price support.
