Oil Rises On Expectations Of Tighter Market

Oil prices rose by more than 1 percent early on Friday, supported by expectations of a tightening market ahead and a weaker U.S. dollar. As of 10:02 a.m. ET on Friday, WTI Crude was up 1.09 percent at $52.92 and Brent Crude was trading up 0.95 percent at $56.11. The Brent Crude March 2021 futures contract expires today, and April is the more actively traded contract. Oil prices rose on the last trading day before Saudi Arabia begins, as per its unilateral pledge, to cut in February and March an additional 1 million barrels per day (bpd) of its…