Oil posts strong weekly gains
August 20 2016 12:38 AM
Oil barrels
Oil barrels

Reuters/New York

Oil prices settled steady to higher yesterday, with US crude posting its biggest weekly gain since March after surging nearly 25% in a little over two weeks.
Crude futures have risen almost $10 a barrel since early August on speculation that Saudi Arabia and other members of the Organisation of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-Opec producers led by Russia.
US West Texas Intermediate (WTI) crude settled up 30 cents, or 0.6%, at $48.22 a barrel after reaching $48.75, its highest since July 5.
Brent crude closed just a penny lower at $50.88 a barrel, after scaling a two-month high at $51.22.

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