Oil hits strong weekly gains, analysts see the climb is not justified

US crude oil prices rose at the settlement on Friday, while Brent settled and record US crude biggest weekly gain since March if, after jumping nearly 25 percent in about two weeks at a rally, analysts said market fundamentals are not justified.

Crude prices have risen by about ten dollars since the beginning of August on speculation that Saudi Arabia and other members of the prominent organization of Petroleum Exporting Countries (OPEC) would reach an agreement next month to install production with non-members of the organization led by Russia.

Rose WTI US mediator 30 cents or 0.62 percent at the settlement to $ 48.52 a barrel after touching the level of $ 48.75 a barrel, its highest level since the fifth of July. And rose through the entire week, nine percent to its gains for the second week in a row and the biggest weekly gain since early March.

The futures closed lower for Brent one cent to $ 50.88 a barrel, after jumping to the highest level in two months to $ 51.22 a barrel. And Brent rose eight percent during the week, recording gains for the third consecutive week.