Brent oil set for third weekly gain with tighter markets in view
BNN Bloomberg
Brent oil headed for a third weekly gain as the market continued to tighten on the back of supply curbs from Saudi Arabia and Russia.
The global crude benchmark advanced above US$94 a barrel after closing two per cent higher Thursday. The International Energy Agency and Organization of Petroleum Exporting Countries both warned this week that the market would be in deficit through year's end, helping to propel crude about four per cent higher since last Friday's close.
Demand also has held up on increasing signs the U.S. may be able to avoid a recession, while data from China on Friday beat economists' estimates in a sign the worst of the downturn is passing. The tightening market is also being reflected in surging fuel prices, with diesel at a record high on a seasonal basis in New York.
