Oil Rides Best Weekly Winning Streak Since 2011 on Flaring Risks
Friday, 18 May 2018 14:02 WIB | ENERGY |MinyakWTIbrent oilOil,

Oil in London is set for the longest weekly run of gains in seven years on growing concerns over supply disruptions from the Middle East to Venezuela and on signs a global glut has dwindled.

Brent futures are heading for a sixth weekly advance after topping $80 a barrel for the first time since 2014 on Thursday. Renewed U.S. sanctions on third-largest OPEC producer Iran and shrinking supplies from Venezuela have buoyed crude's recent rally. Additionally, the International Energy Agency said this week that a global surplus has finally been eliminated thanks to output cuts by the Organization of Petroleum Exporting Countries and its allies.

Brent for July settlement added 24 cents to $79.54 a barrel on the ICE Futures Europe exchange at 7:48 a.m. in London. Prices are up 3.1 percent this week, after reaching $80.50 on Thursday, the highest intraday level since November 2014. The global benchmark crude traded at a $7.81 premium to July West Texas Intermediate.

WTI for June delivery traded at $71.64 a barrel on the New York Mercantile Exchange, up 15 cents, and is headed for a 1.3 percent advance for the week. The contract settled unchanged on Thursday. Total volume traded was 54 percent below the 100-day average.

Source : Bloomberg

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