NEW YORK- Oil prices jumped about 3 percent, hitting their highest levels in more than a year, following a stronger-than-expected US jobs report and a decision by OPEC and its allies not to increase supply in April.
Brent futures rose $2.62, or 3.9 percent, to settle at $69.36 a barrel. The session high for the global benchmark was its highest since January 2020.
US West Texas Intermediate (WTI) crude rose $2.26, For the week, Brent gains 5.2 percent gain, WTI up 7.4 percent or 3.5 percent to settle at $66.09 a barrel.
For the week, Brent was up 5.2 percent, rising for a seventh week in a row for the first time since December, while WTI was up about 7.4 percent after gaining almost 4 percent last week.
Both contracts surged more than 4 percent on Thursday after the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, extended oil output curbs into April, granting small exemptions to Russia and Kazakhstan.