Oil Rolls to Sixth Weekly Gain as Crises Ignite Supply Worries

Disruptions in Libya, Venezuela, Sudan boost futures prices
WTI rises 0.5%, capping best run of weekly gains since 2016

Pump Jacks extract crude oil from oil wells in Midland, Texas, U.S., on Monday, Dec. 17, 2018.Photographer: Angus Mordant/Bloomberg

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By Alex Nussbaum and Grant Smith

April 11, 2019 at 10:49 PM UTC

Updated on

April 12, 2019 at 7:10 PM UTC

This article is for subscribers only.

Oil notched a sixth weekly advance in a row as unrest in Libya and Sudan raised supply concerns in a market already pinched by OPEC cuts.

Futures rose 1.3 percent for the week in New York for the longest run of gains since March 2016. In Libya, warlord Khalifa Haftar moved forces to the gates of Tripoli, triggering alarm that the OPEC member could slide deeper into chaos. Meanwhile, a military coup in Sudan added to turmoil swirling around producers from Iran to Venezeula.