Mubasher: Oil prices increased at the closing of trades on Friday, recording their highest weekly rise since the start of 2017, particularly after data released by the US Department of Labour.
Brent crude futures gained 2.3% over the week and closed at $56.81 pb, while US crude oil increased 1.24% and closed at $53.86 pb.
In its report released Friday, the US Department of Labour said that the US economy added 227,000 jobs in January, surpassing estimates of 175,000 new jobs. The economy also added 157,000 jobs in December 2016, the report showed.
In its 30 November 2016 meeting, members from the Organisation of Petroleum Exporting Countries (OPEC) agreed to trim production starting January 2017 in an attempt to raise oil prices.
Members also recommended the formation of a supervisory committee to ensure that execution of the deal, which will be reviewed once more after six months.
The deal is said to see output reduced by around 1.8 million barrels per day.
Baker Hughes Oilfield Services on Friday reported that oil and gas rigs in the US rose by around 17 rigs during the week ended 27 January.
