Oil's on course for the longest run of weekly gains in four months as energy giants to Wall Street banks predict the return of $100 crude on fears of an impending supply crunch.
Futures in New York were set for a 2.1 percent advance this week, poised for a third weekly increase. Oil and gas major Total SA Chief Executive Officer Patrick Pouyanne said a supply loss in Iran and declining output in Venezuela may help push prices back to levels last seen in 2014. Meanwhile, the U.S. government dismissed speculation it will release emergency crude reserves to temper prices.
West Texas Intermediate for November delivery traded at $72.26 a barrel on the New York Mercantile Exchange, up 14 cents, at 2:35 p.m. in Singapore. The contract has climbed $1.48 this week. Total volume traded was about 49 percent below the 100-day average.
Brent for November was little changed at $81.78 on the ICE Futures Europe exchange. The contract rose 3.8 percent this week. The global benchmark traded at a $9.52 premium to WTI.