Oil Prices Reach Highest Level in a Week

SadaNews Economy - Oil prices maintained their gains on Friday, trading at their highest levels in a week, as investors await the upcoming summit between U.S. President Donald Trump and his Russian counterpart Vladimir Putin in Alaska, amid concerns over the impact of geopolitical tensions on supplies.

Brent crude rose by 0.2% or 16 cents to $67 per barrel, while West Texas Intermediate (WTI) also increased by the same percentage to $64.10.

The markets also received a boost from growth data in Japan, one of the largest oil importers globally, where the economy recorded a 1% year-on-year growth during the quarter from April to July, surpassing expectations of 0.4%.

On a quarterly basis, GDP grew by 0.3% compared to expectations of only 0.1%, reinforcing expectations for increased energy demand.