Oil prices rise over 1%, record weekly gain
Oil prices rise over 1%, record weekly gain
Oil drilling rigs Oil prices extended their gain on Friday as investors parsed US data that showed a decline in crude inventories for the fifth straight week. Brent crude futures for February 2025 delivery leapt 1.25%, or $0.91, to $74.17 per barrel. The US West Texas Intermediate (WTI) crude futures for February 2025 delivery also increased over 1.4%, or $0.98, to $70.6 per barrel. Both contracts recorded weekly gains of 1.7% and 1.65%, respectively. Data released by the US Energy Information Administration (EIA) on Dec.27 showed that commercial crude oil inventories fell by4.2 millionbarrels last week, compared to expectations of a 1.1-million-barrel drop.
