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Oil futures mark highest settlement in over 2M on Friday

Oil futures mark highest settlement in over 2M on Friday

Mubasher: Oil futures recorded the highest settlement since 17 September on Friday, surging 7.3% for the week. 

January Nymex WTI grew $0.77, or 1.3%, to close at $59.2 per barrel.

Earlier today, OPEC+ agreed to adjust output target and redistribute production cuts between its members.

The group agreed to reduce its output target by 500,000 barrels per day (bpd), matching recent production levels.

It is worth noting that Saudi Arabia pledged to reduce oil production by additional 167,000 bpd until March 2020.