Oil Posts Biggest Weekly Gain Since July Amid Global Conflict
- Geopolitical tensions from Saudi to Syria boosting prices
- OPEC on verge of ‘mission accomplished’ to clear glut: IEA
Geopolitics, Not OPEC, Roils the Commodities World
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Crude posted its largest weekly gain since July as geopolitical tensions threatened to accelerate the tightening of global supplies.
Futures rallied for a fifth day to the highest since 2014 in New York on Friday. The U.S. benchmark crude ended the week up 8.6 percent amid simmering disputes across the Mideast region that’s home to almost half the world’s oil. OPEC’s output has fallen to the lowest in almost three years, propelled in part by the magnitude of Venezuela’s downward spiral.