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Oil hits highest level in one year, posts best week since October

Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.

Oil was also supported as U.S. stock markets hit record highs on signs of progress towards more economic stimulus, while a closely watched jobs report confirmed the labor market was stabilizing.

U.S. employment growth rebounded moderately in January and job losses in the prior month were deeper than initially thought, underscoring an urgent need for additional relief money from the government. President Joe Biden’s drive to enact a $1.9 trillion coronavirus aid bill gained momentum on Friday.

Brent crude settled 0.85% higher at $59.34 per barrel. U.S. West Texas Intermediate crude settled 1.1% higher at $56.85 per barrel. The contract hit its highest level since Jan. 22, and posted its best week since October.

Reference: CNBC