Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and reduced output from the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.
Futures in New York were steady on Friday, and have increased 3.3 percent this week. Russia said it would accelerate the output cuts it agreed to in a deal with the OPEC+ alliance, while Saudi Arabia was said to curtail supply from the Safaniyah field to repair a damaged power cable. Asian stocks fell Friday as the U.S. and China were said to have made little progress in trade talks.
