Brent Oil Posts Fourth Weekly Gain With Global Surplus Dwindling
- WTI jumps Friday to near $60 a barrel for first time in a year
- Cold blast in Texas oil patch seen leaving barrels trapped
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Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force.
Global benchmark Brent futures on Friday surged the most since early January, while West Texas Intermediate crude flirted with $60 a barrel for the first time in more than a year. Signs of inventories declining in the U.S. and elsewhere point to the success OPEC+ has had in draining a surplus left in the wake of an historic demand slump due to the pandemic.