Oil Caps Weekly Gains as Investors Perk Up on State of Market
- U.S. inventories decline, demand growth seen accelerating
- Shell declares force majeure on key Bonny Light shipments
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Oil edged higher for a fifth day amid optimism that the market isn’t in such bad shape.
Futures climbed 1 percent in New York Friday, pushing prices to a weekly gain of 5.2 percent. The International Energy Agency said that demand is climbing faster than initially estimated, and the U.S. government reported declining stockpiles last week. Kuwait’s OPEC governor said crude inventories will drop at a faster pace. Meanwhile, Royal Dutch Shell Plc was forced to curb flows of crude from Nigeria after a pipeline shut.