Oil rises for sixth week as growing chorus predicts $100 price

Oil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022.

West Texas Intermediate rose 2% for the week as robust demand tightened global markets. As supply remains constrained, a chorus of Wall Street banks and oil executives are forecasting a return to $100 oil. Additionally, heightened geopolitical risks driven by fears that Russia may invade Ukraine have also contributed to crude’s climb.

“Demand has been strong, supply has been struggling a little bit to keep up with that and that’s reflected in the market,” said Chevron Corp. Chief Executive Officer Mike Wirth on Bloomberg TV.