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Oil prices surge in week

Oil prices surge in week
Brent Crude closed at $50.19 - (Photo Credit: Arabianeye-Reuters)

Mubasher: Oil prices increased last week after major producers reached an agreement during the OPEC meeting in Algeria which will limit crude oil production and support prices.

Brent Crude Blend went down added 7.9% and closed at $50.19 per barrel compared to $46.5 last week.

Similarly, West Texas crude oil rose 8.4% to $48.24 per barrel, from $44.5 pb in the week before.