Muscat: Brent crude futures closed up $1.13, or 1.73%, at $66.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.21, or 1.91%, to settle at $64.58. Both benchmarks saw notable weekly gains—Brent rising by 2.75% and WTI jumping 4.9%—after back-to-back weekly losses.
The price rebound follows positive signals for global economic growth. A stronger-than-expected U.S. jobs report and the resumption of trade negotiations between the world’s two largest economies have reignited hopes for increased demand.
Meanwhile, volatility continues to mark the oil market, especially after the OPEC+ alliance agreed last Saturday to raise output by 411,000 barrels per day starting in July.
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