Crude Advances For Fourth Week as Supply Jitters Stoke Concern
- Russia’s oil chief predicts $100-a-barrel prices this year
- Saudi Arabia may tap key spare capacity to alleviate shortages
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Oil rose for a fourth straight week amid concern that Saudi Arabia and Russia may not pump enough crude to prevent a supply crunch as Iranian cargoes disappear from world markets.
Futures were little changed in New York on Friday, ending the week 1.5 percent higher. Prices may hit $100 a barrel this autumn as U.S. pressure stymies exports from Iran, OPEC’s No. 3 producer, according to Russian Energy Minister Alexander Novak. Saudi Arabian Energy Minister Khalid Al-Falih said the kingdom is boosting production and will supply needy refiners.