Oil Posts Second Weekly Gain as OPEC+ Supply Cuts Extend Rally
- Brent settles above $90 a barrel, hovering at yearly highs
- Russia plans to reduce western diesel exports this month
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Oil posted a second straight weekly gain after supply curbs from OPEC+ leaders Saudi Arabia and Russia were extended for the rest of the year.
Adding to an already constrained fuel market, Russia plans to reduce diesel exports from its key western ports by a quarter this month and keep more supplies at home because of seasonal refinery maintenance. The news sent diesel futures rallying, outpacing gains in crude.