Brent Crude Surges in Best Week Since '16 as U.S. Economy Shines - Bloomberg

Brent Crude Surges in Best Week Since '16 as U.S. Economy Shines - Bloomberg:

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.

“The economy in many ways looks strong and that should be good for demand," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “You’re getting some people buying back in, as they look out and decide the market has gotten oversold."