Oil prices rise to highest in a year

Melbourne - Positive signs of economic growth in the US, crude supply restraint boosts price.

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains this week, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the United States.

U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.9%, to $56.73 a barrel by 0210 GMT, after touching a high of $56.75, the most since Jan. 22 last year. The benchmark contract is on track for a weekly gain of nearly 9%, which would be its biggest weekly gain since October

Brent crude futures climbed 45 cents, or 0.8%, to $59.28 a barrel, after hitting a high of $59.32, its highest since Feb. 20 last year. Brent is on track to rise 6% this week.

Markets were encouraged by stronger-than-expected orders for US goods in December, pointing to strength in manufacturing, and hopes for swift approval by lawmakers of President Joe Biden’s proposed $1.9 trillion coronavirus aid plan.