Crude oil prices continued to climb to their highest levels this year, ending trading this week strongly supported by OPEC's commitment to maintaining market balance with a commitment to reducing production.
As markets heading into the European session, Brent crude futures traded up 24 cents to $ 59.24 a barrel, the highest level since mid-February last year.
Meanwhile, US WTI futures added 38 cents to $ 56.60 a barrel, the highest since mid-January 2020. The benchmark contract is on track for a nearly 9% weekly gain that will be the biggest weekly gain since October.
OPEC and its allies, including Russia or better known as OPEC +, this week reaffirmed their support for a commitment in cutting crude oil production.
Meanwhile, market expectations for a stronger US economic recovery, driven by optimism in the implementation of a large stimulus package by the government, have also supported price increases.
The release of NFP employment data tonight will be the main focus of the market which is expected to show an increase in January, compared to the previous month.
