Brent, WTI Crude Futures Hit Highest in Two Weeks

Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks.

Brent futures rose $1.09 to settle at $66.21 a barrel, a 1.7% gain. During the session, Brent hit $66.42, its highest since Feb. 28. US West Texas Intermediate crude futures for April, which will expire on Tuesday, rose $1.15 to settle at $62.34 a barrel, a 1.9% gain, CNBC reported.

WTI hit a high of $62.54, its highest since March 7.

Brent futures gained 1% for the week, while WTI marked a weekly rise of 0.4%. It was the second straight weekly rise for both contracts.

Gains on Wall Street also supported crude futures, which have recently been moving in tandem with US stock indices.

Hedge funds and other money managers cut their bullish bets on US crude oil futures and options in the week to March 13, as crude prices fell for a second week, the US Commodity Futures Trading Commission said.