Oil set to extend long run of weekly gains in tense global market
Opec is expected to raise output and fill supply gap on decline in exports from US sanctions on Venezuela and Iran
Singapore — Oil prices dipped on Friday on expectations that the Organization of the Petroleum Exporting Countries (Opec) will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the US. Still, prices are on course for the longest run of weekly gains in years, as oil markets have tightened amid supply disruptions and rising geopolitical concerns, especially over tensions between the US and Iran. Brent crude futures were at $74.18 per barrel at 5.05 GMT, down 17c, or 0.2%, from their last close. US West Texas Intermediate (WTI) crude futures were at $64.89 per barrel, down 32c, or 0.5%. The dip followed Brent’s rise above $75 per barrel for the first time this year on Thursday after Germany, Poland and Slovakia suspended imports of Russian oil via a major pipeline, citing poor quality. The move cut parts of Europe off from a major supply route. WTI is on track for its eighth successive weekly gain, the longest weekly run sin...
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