WTI crude oil futures settle the week at $59.20
Up $0.77. Up 1.32%The price of WTI crude oil futures settle the week at $59.20. That is up $0.77 or 1.32%.
For the day, the high price extended to $59.85, while the low fell to $57.70.
The market was supported by and additional 500K cut in production announced by OPEC+. That is on top of the 1.2M cut already in place. Saudi Arabia's energy minister explained his country would also extend a voluntary cut of 400,000 b/d. So the overall cut is 2.1M.
The member countries has said it plans to review the policy at their March 5 – 6 meeting.
International Brent crude settled at $64.39. That was up $1 or 1.57%.
The Saudi Arabian Aramco price their IPO at the high end of the expected trading range. The 1st shares will likely trade on Wednesday. At the IPO price, it would value the shares of $1.7 trillion. Saudi officials said they would expect the valuation to go to 2 trillion shortly. That would require oil prices staying elevated.
Last week on Friday the price closed at $55.17. That is a 7.3% gain on the week. Not bad change.