Oil surges after Opec+ holds cuts, strong US jobs growth

NEW YORK: Oil prices jumped about 3 per cent on Friday, hitting their highest levels in more than a year, following a stronger-than-expected US jobs report and a decision by Opec and its allies not to increase supply in April. Brent futures rose $2.62, or 3.9 per cent, to settle at $69.36 a barrel. The session high for the global benchmark was its highest since January 2020. US West Texas Intermediate (WTI) crude rose $2.26, For the week, Brent gains 5.2 per cent gain, WTI up 7.4 per cent or 3.5 per cent to settle at $66.09 a barrel. For the week, Brent was up 5.2 per cent, rising for a seventh week in a row for the first time since December, while WTI was up about 7.4 per cent after gaining almost 4 per cent last week. Both contracts surged more than 4 per cent on Thursday after the Opec+, extended oil output curbs into April, granting small exemptions to Russia and Kazakhstan. — Reuters