Oil Posts Second Weekly Gain on Deepening Production Cuts
- WTI crude futures advanced 5.1% Friday; 25% for the week
- The number of U.S. oil rigs fell to the lowest since 2009
An oil storage tank is seen in Carson, California.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Oil notched its first back-to-back weekly gain since February amid optimism around production cuts beginning to eat into a massive supply glut.
Futures in New York climbed 25% this week. Explorers are cutting production in response to crude oil trading in the $20-a-barrel range. EOG Resources Inc. is cutting about a quarter of its oil production for May in one of the biggest U.S. shale retrenchments to date.