Oil prices rose sharply on Friday after Saudi Arabia and Russia urged all the members of the OPEC+ group to join an output cut agreement.
Stronger than expected U.S. non-farm payroll employment data, the drop in unemployment rate, and a report showing a notable improvement in U.S. consumer sentiment contributed as well to the uptick in oil prices.
West Texas Intermediate Crude oil futures for January ended higher by $1.89 or about 2.7% at $71.23 a barrel, snapping a six-day losing streak.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.