Crude posted the longest weekly winning streak since November 2017, amid concerns over supply shortfalls from countries like Venezuela and optimism over US-China trade talks. Futures in New York rose as much as 0.9%, leading to a 4% rally for the week. Opec’s production dropped for a fourth straight month, in March, while Venezuela’s oil output has plunged by half, amid power failures. West Texas Intermediate crude for May delivery advanced 42 cents, to $62.52 a barrel, on the New York Mercantile Exchange. Prices have also been lifted this week by signs that the US and China are on track to resolve the ongoing trade dispute that has threatened oil demand.

Source: Irish Examiner April 05, 2019 22:52 UTC