Oil prices leap on Friday

International benchmarks for oil prices jumped on Friday (4 March) after the US Labor Department’s reports showed the unemployment rate at 4.9%, an eight-years-low. This has strengthened the confidence in demand of the world’s biggest oil consumer. Analysts believed that successful talk between Saudi and Russia to freeze production output would help to reduce the market volatility in the near term. Besides, major oil producers would meet again this month in Russia to further discuss on the freeze agreement, which is expected to have some impact on the oil prices.

WTI closed at   $35.92/b (+$1.35)

Brent closed at $38.72/b (+$1.65)

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