Reported about 1 year ago
Oil prices surged, marking their largest weekly increase since early April, driven by a short-covering rally and bolstered by positive market sentiment. Brent crude settled above $80 a barrel for the first time in a month, with gains accelerating after breaking through their 200-day moving average. The rally was also supported by a lack of supply and demand cues, along with improved macroeconomic indicators, such as strong US non-farm payroll numbers and signs of cooling inflation. Additionally, Chinese industrial output and investment growth slowed, leading to expectations of flat or decreased oil refining in China for the first time in years.
Source: YAHOO