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 this week in New York and settled Friday just pennies off a four-month high. OPEC self discipline and a surprise reduction in U.S. crude inventories signaled tightening supplies, but concern that the U.S.-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. “Concerns that either the delay in the trade negotiations or signs of worries about slowing economic growth that will impact energy demands are limiting the market’s upward movement.” Read More