Breaking News

Oil futures settle at an 8-week high

Oil futures rallied Friday to their best possible agreement in 8 weeks, scoring a gain of roughly 5.6% for the week. President Donald Trump named former ambassador John Bolton as his new nationwide safety adviser and Bolton is understood for his hardline view on Iran. That raises the danger of renewed sanctions on Iran, which could impede output from the country. Oil prices additionally got a spice up from hints that the Organization of the Petroleum Exporting Countries may prolong its production cut agreement to 2019. May West Texas Intermediate crude CLK8, +2.24% rose $1.58, or 2.5%, to settle at $65.88 a barrel at the New York Mercantile Exchange. That was once the best possible agreement for a front-month contract since Jan. 26, according to FactSet data.

Read the entire story: Oil rankings biggest weekly gain in 8 months