Oil rises for sixth week as OPEC clears path for cut extension

Oil is on track to gain for a sixth week as the OPEC+ producer bloc headed toward an agreement to extend output curbs by another month.

Futures in New York were little changed, after advancing 0.3% on Thursday. They are up more than 5% this week. After almost a week of wrangling, OPEC+ leaders Russia and Saudi Arabia have clinched a tentative deal with holdout member Iraq, according to a delegate. The pair were pushing Iraq to stop shirking its share of cuts and even to compensate for failure to comply with reductions in the past. The agreement, which is still to be ratified, means OPEC+ will extend its record production curbs for another month until the end of July.

Riyadh delayed the release of its July crude pricing until Sunday at the earliest, according to people with knowledge of the situation, as it awaited clarity on whether the production cuts would be extended.