Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and reduced output from the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.
Futures in New York were steady on Friday, and have increased 3.3 percent this week. Russia said it would accelerate the output cuts it agreed to in a deal with the OPEC+ alliance, while Saudi Arabia was said to curtail supply from the Safaniyah field to repair a damaged power cable. Asian stocks fell Friday as the U.S. and China were said to have made little progress in trade talks.
West Texas Intermediate for March delivery rose 4 cents to $54.45 a barrel on the New York Mercantile Exchange at 10:35 a.m. London time. It advanced as much as 60 cents earlier, and has added $1.73 this week.
Brent for April settlement climbed 9 cents to $64.66 a barrel, near the highest level since November, on the London-based ICE Futures Europe exchange. It has gained 4.1 percent this week. The global benchmark crude was at a $9.84 premium to WTI for the same month.
Source : Bloomberg