New York: Oil prices experienced a notable increase at settlement on Friday, with both Brent crude and US West Texas Intermediate (WTI) showcasing significant gains. Brent crude futures surged by $4.87, or 7.02 percent, reaching $74.23 per barrel. Earlier in the session, Brent prices had soared by more than 13 percent, hitting a session high of $78.5 per barrel, marking the highest level since January 27.
According to Yemen News Agency, US West Texas Intermediate crude also saw a substantial rise, increasing by $4.94, or 7.62 percent, to settle at $72.98. During the session, WTI prices jumped by more than 14 percent, reaching a peak of $77.62, the highest since January 21. These gains reflected the largest daily movements in the oil market, demonstrating a significant shift in price dynamics.
The dramatic rise in oil prices on Friday indicates a notable shift in market sentiment, driven by various factors influencing the global oil supply and demand equilibrium.