Oil market set for seventh weekly climb as WTI nears $92 a barrel
Oil powered toward a seventh straight weekly gain as investors zeroed in on a fast-tightening global market and geopolitical tensions.
West Texas Intermediate (WTI) hit a fresh seven-year high near $92 a barrel, set for a jump of more than 4 per cent this week. Brent has surged 18 per cent since the year began and banks, including Goldman Sachs Group, Inc., forecast it’ll reach $100.
Gains this week have been driven by a combination of factors. Investors have expressed doubt the Organization of Petroleum Exporting Countries (Opec) and its allies can deliver in full on plans to boost output. At the same time, traders are tracking the situation in Ukraine amid concerns Russia plans to invade, which Moscow has denied. In Texas, a wave of freezing weather has hit some supply.
