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Oil Extends Weekly Gain With Brent Pushing Toward $60 a Barrel

  • Vessels sailing toward China jump to six-month high on Friday
  • Brent notches third straight weekly gain while WTI also rises
Russian Oil Fields Ahead of 180th OPEC Meeting
Photographer: Andrey Rudakov/Bloomberg
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Oil set a fresh one-year high in New York with continued producer supply curbs helping spur strength everywhere from physical markets to the futures curve.

Futures gained 1.1% in New York on Friday to the highest since late January 2020, while Brent crude remained just under $60 a barrel in London. The number of vessels sailing toward China jumped to a six-month high on Friday, suggesting the world’s largest importer may be piling back into the oil market. Meanwhile, crude stockpiles tied to oil futures in China fell to the lowest since June 2020, according to data analytics company OilX, the latest sign of ebbing inventories.