Opec’s support for ongoing supply cuts helps oil to second week of gains in a row
London — Oil prices were set for a second consecutive week of gains on Friday, buoyed by tightening supplies and continued support from oil cartel Opec and its allies on supply cuts. Brent crude oil futures were at $74 per barrel at 9.58am, up 22 US cents from their last close. US West Texas Intermediate (WTI) crude futures were up 21c at $68.50 a barrel. Both Brent and WTI hit their highest levels since November 2014 on Thursday, at $74.75 and $69.56 per barrel, respectively. Saudi oil minister Khalid al-Falih said Opec and its allies were still far away from reaching their target and that a drawdown in oil inventories needed to continue. Russian energy minister Alexander Novak told his Opec and nonOpec counterparts in a closed-door meeting in the Saudi city of Jeddah on Friday, that Moscow was committed to a deal on cutting oil supplies until the end of 2018, sources said. The sources spoke after Russia’s TASS news agency cited Novak as saying that Opec and nonOpec countries might...
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