Crude caps second weekly gain

Bloomberg

Crude capped a second weekly gain after briefly spiking on the first armed strike by President Donald Trump’s administration.
Futures settled at the highest level in a month in both New York and London. Russia’s deal with OPEC to cut crude supply hasn’t delivered as much as expected, according to Deputy Prime Minister Arkady Dvorkovich. OPEC ministers will gather in Vienna on May 25 to decide whether to extend the accord.
Oil had struggled for a month to extend a rally beyond $51 a barrel as concern over surging US supplies countered optimism around a possible extension to production cuts led by the Organization of Petroleum Exporting Countries. The strike against Syria comes after accusations that Bashar al-Assad’s regime used poison gas to kill scores of civilians two days ago, drawing international condemnation. President Donald Trump called it “an affront to humanity.”
“The market’s focused not just on the direct implications of this missile attack but the wider risk to the region,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said. “There’s been a flight to quality in other markets; the dollar’s up and so is gold. Oil isn’t alone in trying to evaluate what this will mean.” WTI for May delivery advanced 54 cents, or 1 percent, to settle at $52.24 a barrel on the New York Mercantile Exchange.