Oil was headed for a sixth weekly gain after OPEC+ reached a tentative agreement to extend record production cuts until the end of July.
Futures in New York edged lower Friday, but are up almost 5% this week. After almost a week of wrangling, Saudi Arabia and Russia clinched a deal with holdout Iraq and the cartel could meet as soon as this weekend to ratify it, according to a delegate. The pair were pushing Baghdad to stop shirking its share of cuts and even to compensate for non-compliance in the past.
West Texas Intermediate for July delivery fell 0.5% to $37.22 a barrel on the New York Mercantile Exchange as of 8:23 a.m. in Singapore after rising 0.3% on Thursday. It’s up 4.9% since May 29, on track for the longest run of weekly gains since April 2019.
Brent for August settlement dropped 0.3% to $39.86 a barrel on the ICE Futures Europe exchange. The global benchmark crude advanced 0.5% on Thursday and has risen 5.3% so far this week.
Source : Bloomberg