WTI Crude Oil Set For Highest Weekly Gain Since October

On Friday, WTI crude oil continues to trade bullish, with prices touching a one-year high over optimism that leading oil producers could continue to curb crude production to offset weak demand due to the coronavirus pandemic. At the time of writing, WTI crude oil is trading at around $56.65 per barrel.

So far this week, WTI crude oil has gained almost 9% of its value – marking the biggest weekly gain seen since October 2020. At its recent meeting, OPEC+ countries reaffirmed their commitment to implement deeper supply cuts to ease global crude stockpiles that have risen due to the pandemic-driven lockdowns and restrictions.

Crude oil prices have also received a boost in recent sessions by better than expected economic data releases from the US. During the previous session, new orders for goods manufactured in the US posted a 1.1% rise for the month of December, against economists’ expectations for a 0.7% rise, raising hopes for recovery in the manufacturing sector.

Meanwhile, late on Thursday, President Biden’s stimulus plans made more progress after Democrats in the Senate voted on several amendments to pass the package via a budget resolution. Hopes for more stimulus have also improved the mood in oil markets, with traders expecting it to spur oil demand.