Oil ends week on strong gains

2016/8/20 14:36 ​​

[Where - Baghdad]

Oil ended last week on strong gains in global markets.

The futures closed lower for Brent one cent to $ 50.88 a barrel on Friday, after jumping to the highest level in two months to $ 51.22 a barrel.

Brent climbed 8 percent during the week, recording notable gains for the third consecutive week.

Rose WTI US mediator 30 cents or 0.62% to settle at US $ 48.52 a barrel after touching the level of $ 48.75 a barrel, its highest level since the fifth of July last.

And rose through the entire week 9% to record gains for the second consecutive week and the largest weekly gain since early March / March 2016.

This rise came on speculation that Saudi Arabia and other prominent members of the Organization of the Petroleum Exporting Countries [OPEC] would reach an agreement next month to install production with non-members of the organization, including Russia.

OPEC holds an informal meeting in Algeria next month with producers from outside.