Oil prices rose 2% on Friday and posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter. “The expectation that OPEC+ is going to continue with their voluntary production cuts well into the second quarter of 2024 is the main focus on the market,” said Andrew Lipow, president of Lipow Oil Associates. Meanwhile, geopolitical tension in the Red Sea also lifted prices on Friday. The leader of Yemen’s Houthis said on Thursday the group would introduce military “surprises” in the region. On the demand side, Chinese manufacturing activity shrank for the fifth straight month in February. WTI traded up $1.71 or 2.19% to close at $79.97. Brent traded up $1.64 pr 2% to close at $83.55.