Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant, according to Reuters.
Risk appetite in wider financial markets has been fueled by growing expectations that central banks such as the U.S. Federal Reserve and European Central Bank are nearing the end of policy tightening campaigns, boosting the outlook for global growth and energy demand.
Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week – a fifth straight week of gains. The benchmarks are on track to gain over 13% for the month.
Brent crude settled 75 cents higher to $84.99 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 49 cents to $80.58 a barrel.