Oil Set for Weekly Gain as Focus Turns to Upcoming OPEC+ Meeting
- Futures in New York and London are at the highest since 2018
- OPEC+ scheduled to gather July 1 to discuss supply policy
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Oil posted its fifth straight weekly gain, the longest winning streak since December, as demand recovers and supplies continue tighten in the U.S. and China.
Futures in New York rose 3.4% this week to the highest level since October 2018. Demand continues to rebound while the market expects output will only get a modest increase from the OPEC+ alliance, which meets next week to discuss supply policy.