Brent crude futures closed at $62.43 after rising to an intra-daily session high of $62.83, the highest price level since Jan. 22, 2020
Brent crude futures dropped 0.6% at $60.80 a barrel having dropped 0.50% on Thursday.
Gold traders are going long after Biden shrugged off warnings that the economy may overheat as a result of the $1.9 trillion stimulus deal
Brent oil futures lost about 0.2% to trade around $61 a barrel
Both major oil benchmarks are at their highest since January 2020.
At the time of writing this report, Brent crude traded at $59.95 a barrel thereby reaching a 1-year high.
Gold futures settled up $1.2%, at $1,813.05 after it had dropped as low as $1,784.60 on Thursday.
Oil traders are going long on hopes that a $1.9 trillion stimulus package proposed by Joe Biden last month would see the light of day.
Gold futures traded $1,826/ounce losing about 0.50% in value amid a social media-driven rally that was in play in the past few days.
Brent crude futures rose by 0.3%, to $57.62 a barrel, in a fourth straight day of gains after hitting $58.05 on Tuesday.