Oil at its highest levels in more than a year

Oil prices rose about 3% today to record their highest level in more than a year after strong US economic data, in addition to the decision of the Organization of Petroleum Exporting Countries OPEC and its allies to extend production cuts until April and Saudi Arabia extend its voluntary reduction of one million barrels per day.

Brent crude futures rose $ 2.62, up 3.9% to $ 69.36 a barrel, after hitting their highest level since January 2020, and U.S. West Texas Intermediate crude futures rose 3.5% to $ 66.09 a barrel. Brent crude rose for the seventh week in a row for the first time since December, rising 5.2% during the week, as WTI crude posted a weekly gain of 7.4%, after rising 4% last week.