Oil rose 2% on Friday as traders cover short position

International benchmarks for crude oil jumped 2% on Friday, 8 April 2022, a development industry experts attributed to the short position covering among traders ahead of the weekend. Meanwhile, the market remains concerned over the strategic reserves released by the International Energy Agency (IEA) members.

Brent gained $2.20 or 2.19% to close at $102.78/barrel. 

WTI rose $2.23 to $98.26/barrel.