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Bloomberg
Oil gained for a second straight week as Opec assured traders it’s committed to culling supplies ahead of a key meeting with allies in Azerbaijan this weekend.
Futures advanced 4.4 percent in New York and settled just pennies off a four-month high. Opec self discipline and a surprise reduction in US crude inventories signalled tightening supplies, but concern that the US-China trade dispute won’t end soon limited gains at week’s end.
“The market basically seems to be stalling,†said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut.
Crude has risen 29 percent this year as various geopolitical and economic factors diminished concerns about a worldwide glut. The International Energy Agency reported that Opec’s February crude production fell to a four-year low.