Oil heads for second weekly climb after OPEC+ leaders wade in
BNN Bloomberg
Oil headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and U.S. crude stockpiles fell.
West Texas Intermediate was little changed near US$72 a barrel, on course for a weekly advance of 1.6 per cent. The U.S. crude benchmark is set for the first back-to-back weekly increase since May, with near-term time spreads flipping into a narrow backwardated structure, a bullish pricing pattern.
Saudi Arabia set large price increases for its crude to Europe and the Mediterranean after announcing an extension into August of its unilateral one-million-barrel-a-day supply cut. In addition, Russia said it would reduce exports by half a million barrels, although output won't be lowered.
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