Oil hits one-year high on signs of US growth
WTI crude futures increase as producers reaffirm supply cuts
05 February 2021 - 07:21
Melbourne — Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains this week, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the US.
US West Texas Intermediate (WTI) crude futures jumped 51c, or 0.9%, to $56.73 a barrel by 2.10am GMT, after touching a high of $56.75, the most since January 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..
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