Brent oil prices top $94 a bbl, up for a third week on supply curbs
Brent oil headed for a third weekly gain as the market continued to tighten on the back of supply curbs from Saudi Arabia and Russia. The global crude benchmark traded near $94 a barrel Friday after closing up 2 per cent a day earlier.
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 about 3 per cent higher since last Friday’s close.
On the demand side, the picture has brightened on signs the US may be able to avoid a recession, while data from China on Friday beat economists’ estimates, suggesting the worst of the downturn is passing.
