Oil prices rise, notching weekly gains
Mar 04, 2023
New York [US], March 4: Oil prices continued their upward trajectory on Friday, leading both crude benchmarks to solid gains for the week.
The West Texas Intermediate (WTI) for April delivery rose 1.52 U.S. dollars, or 1.94 percent, to settle at 79.68 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery added 1.08 dollars, or 1.27 percent, to close at 85.83 dollars a barrel on the London ICE Futures Exchange.
The rally came as traders were optimistic that China's robust economic recovery would boost energy demand.
For the week, the WTI climbed 4.4 percent, while Brent advanced 3.6 percent, based on the front-month contracts.
Source: Xinhua
