Crude oil prices were fired up for the seventh straight week, leading to the longest winning streak since April 2019.
Brent crude, the global benchmark for crude gained 1.65%, surged by almost 5%, to close at $52.35 per barrel. At the last trading session for the week, the West Texas Intermediate futures settled up 1.53%, to close at $49.10 per barrel.
The trading session’s daily high was $49.10 — less than $1 from the widely-anticipated $50 target of many oil traders.
Such incredible gains were largely attributed to strong hopes that next year, the global economic recovery will improve significantly amid high expectations that a new Covid-19 stimulus deal worth over $900 billion will soon be approved.
Oil prices record longest weekly winning streak since April 2019
