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WTI crude futures jumped more than 3.5% to 52.7 a barrel on Friday, the highest on a closing basis since February of 2020, booking a 10.5% jump on the week after Saudi Arabia pledged to cut output by 1 million barrels per day in February and March.
The move also persuaded other producers to leave output supplies unchanged and allowed Russia and Kazakhstan to lift production.
Traders also bet that the Democratic sweep of Washington means more stimulus are on the way, hastening the US economic recovery and boosting the energy demand. Risk appetite was also lifted by reports that Pfizer and BioNTech COVID-19 vaccine appeared to work against a key mutation in new variants of the virus found in the UK and South Africa.
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