Gulf Today Report
Oil prices advanced on Friday, their highest level in a year due to indication of economic recovery in the United States and OPEC+ decision to cut supply.
Brent crude futures climbed 40 cents, or 0.7%, to $59.24 a barrel by 04:28 GMT, it is on track to rise 6% this week. US West Texas Intermediate (WTI) crude futures jumped 42 cents, or 0.8%, to $56.65 a barrel.
READ MORE
Gold prices inch up as dollar firms
US jobless claims grind lower as market stabilises
UAE committed to develop the national industrial ecosystem
Hope for approval of the proposed $1.9 trillion US stimulus aid plan has encouraged markets.
The demand for crude oil in China has also supported the market, according to a report.
In a note, Stephen Innes said, "when demand drives commodity prices, it has a more bullish impact and leaves a more lasting reflection on price action."