Crude oil prices were all fired up at the last trading session of the week, hitting their highest levels in more than a year.

Oil prices are on yearly highs as recent data in the world’s largest economy revealed a stronger-than-expected U.S. jobs report, coupled with a decision by OPEC+ to keep the status quo.

For the week, Brent crude prices gained 5.2%, rising for the 7th week in a row for the first time since December, while WTI surged by 7.4% after gaining almost 4% last week.

At the end of the Friday trading session, Brent Crude futures gained 3.9%, to settle at $69.36 a barrel. The session high for Brent crude was its highest since January 2020.

Also, the U.S based oil contract, U.S. West Texas Intermediate futures, rallied by 3.5% to settle at $66.09 a barrel.

In an explanatory note to Nairametrics, Stephen Innes, Chief Global Market Strategist at Axi, gave key insights on OPEC+ supply dynamics at the world’s biggest commodity market.

“Saudi Arabia seems to have used its 1mb/d voluntary cut as a bargaining chip to persuade most OPEC+ members not to raise production and also appears to have reiterated the desire to see compensation cuts from OPEC+ participants who have produced above quota so far.

“Oil soared as the rest of OPEC+ holds steady at current production levels. Saudi Arabia’s output will start to phase back in from May and it seems likely increases will be permitted across the whole of OPEC+.

“Driven by a need to benefit from higher oil prices, Russia desires to raise production amid concerns about sending the wrong signal to US shale producers. At the same time, Saudi Arabia says shale is “not on the radar” as a risk.”

What to expect: Oil traders in the mid-term would place their gaze on the next meeting scheduled to hold in April, where energy prices will pose a volatility tango all over again.

The Federal Government is to open the new Mallam Aminu Kano International Airport (MAKIA) terminal, and new Murtala Muhammed International Airport (MMIA) for business before the end of March 2021, while the Akanu Ibiam International Airport (AIIA), Enugu terminal will come on stream in due course.

This was disclosed by the Minister of Aviation, Hadi Sirika, recently at the Nigeria’s National Action Committee on the implementation of the African Continental Free Trade Area (AfCFTA), where part of his mission was to advocate support for the industry.

He said, “We also advocate for special support for aviation industry specifically, to fast track systems upgrade in Lagos, Abuja, Kano, Port Harcourt and Enugu in a view to matching international best standards.

“In our own modest way in Nigeria, we have developed these five airports. We have completed Abuja, Port Harcourt and put to use. Kano is completed and will be put to use in March, Lagos will be put to use in the same March and Enugu in due course.”