Economics
Brent Crude Surges in Best Week Since '16 as U.S. Economy Shines
- Global benchmark price gains 9%, boosted by jobs report, Fed
- U.S. oil gains as well as market tries to turn page from 2018
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Brent crude surged to its best weekly gain in more than two years, as encouraging economic news out of the U.S. helped oil markets turn the page on 2018’s price collapse.
The global benchmark closed higher on Friday, ending the week up 9.3 percent for its best showing since December 2016. Oil rallied alongside the U.S. stock market following a strong jobs report and dovish comments on interest rates from the Federal Reserve. Production declines from Saudi Arabia to Libya also buoyed a market that plummeted last year on fears of a supply glut.