Oil prices rose at the end of trading, Thursday, supported by the scarcity of supply after the (OPEC Plus) group cut its production, and renewed hope for a recovery in Chinese demand and global growth.
Brent crude rose $1.32, or 1.6 percent, to reach $84.35 a barrel, for the first time since last April, and US West Texas Intermediate crude closed up $1.31, or 1.7 percent, to $80.09.
Crude oil recorded weekly gains four times in a row, amid an expected tight supply due to the production cut of the (OPEC Plus) group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Government data showed on Thursday that the US economy grew by a more than expected rate of 2.4 percent in the fourth quarter of the year, after the strength of the labor market supported consumer spending and companies boosted investment in equipment, which may lead to avoiding a recession.
Source: National Iraqi News Agency