Oil Caps Biggest Weekly Gain in 2017 as OPEC Eyes Deal Extension
- Kuwait reiterates support for prolonging production reductions
- Output curbs are gradually balancing market: OPEC’s Barkindo
Crossbridge Capital CIO Says Oil Price Pop Is Likely
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Oil capped its biggest weekly increase this year amid speculation OPEC will extend its deal to curb output and ease a global glut.
Futures advanced 5.5 percent in New York this week, climbing back above $50 a barrel after Kuwait Oil Minister Issam Almarzooq reiterated support for prolonging a six-month deal to trim supply past June. The market also rose after a U.S. government report showed the nation’s refineries boosted crude use by the most in almost three years while fuel supplies fell. Still, prices are down about 6 percent for the first three months of 2017, the biggest quarterly loss since late 2015.