Oil posts its fourth weekly gain, as IEA forecasts price riseBloombergOil on Friday rose for the fourth straight week, supported by signs of a tightening global market that have the International Energy Agency (IEA) warning of higher prices ahead. West Texas Intermediate for May delivery rose 0.44 percent to close at US$82.52 per barrel, rising 2.25 percent weekly to post its longest run of weekly advances since June last year. Brent crude for May delivery increased 0.26 percent to US$86.31 per barrel, gaining 1.4 percent for the week. The latest OPEC+ cuts threaten to boost oil prices for consumers already facing high inflation, the IEA said in its monthly outlook on Friday. Recent data show that China imported the most oil in three years last month, underpinned by record Russian flows.

Source: Taipei Times April 15, 2023 23:37 UTC