Investor Alert

March 5, 2021, 2:41 p.m. EST

Oil futures settle at highest since 2019, up over 7% for the week

Oil futures marked their highest settlement since 2019 on Friday, tallying a weekly gain of more than 7%, as prices extended their rise in the wake of Thursday’s decision by the Organization of the Petroleum Exporting Countries and its allies to keep production cuts in place through April. The energy market was given an extra lift because the solid U.S. jobs report "adds weight to the argument the world's largest economy is experiencing a relatively strong recovery from the pandemic, so demand for oil should rise," said David Madden, market analyst at CMC Markets UK. April West Texas Intermediate crude rose $2.26, or 3.5%, to settle at $66.09 a barrel. For the week, prices based on the front-month contract gained about 7.5% for the week, FactSet data show.

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