Oil Posts a Third Weekly Gain With Tighter Markets in View
- IEA, OPEC forecast supply deficits through the end of year
- WTI rises above $90 a barrel to highest since November 2022
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Oil rose for the third straight week as the market continued to tighten on the back of production cuts from Saudi Arabia and Russia.
West Texas Intermediate settled near $91 a barrel on Friday, the highest since November. The International Energy Agency and Organization of Petroleum Exporting Countries both warned this week that the market would be in deficit through year-end, helping push prices up about 3.7% from last Friday’s close.