Economics
Oil Posts Sixth Straight Weekly Gain After Touching $80
- Brent crude supported by global supply tightness, geopolitics
- Global benchmark’s prompt spread briefly flipped into contango
This article is for subscribers only.
Crude in London posted the longest stretch of weekly gains since 2011 in a market seen as being increasingly balanced as a result of OPEC’s production cuts.
Both Brent and West Texas Intermediate crude slipped in Friday’s trade, paring weekly gains. Global prices have been supported this week by concerns over U.S. sanctions against Iran, shrinking stockpiles and production shortfalls in Venezuela. The gap between Brent and WTI has widened with the U.S. benchmark weighed down by surging shale output.