Oil heads for sixth weekly gain amid supply concerns – CNBC

The sun sets beyond pumpjacks in the Belridge oil field on November 03, 2021 near McKittrick, California.Mario Tama | Getty ImagesOil prices rose on Friday, set for their sixth weekly gain, amid concerns of tight supplies as major producers continue their policy of limited output increases amid rising fuel demand.Brent crude futures climbed 73 cents, or 0.8%, to $90.07 per barrel, after falling 62 cents during the previous day. However, prices did reach $91.04 earlier in that session, the highest since October 2014.U.S. West Texas Intermediate (WTI) crude futures rose 63 cents, or 0.7%, to 487.24 a barrel, having declined 74 cents on Thursday. WTI also reached a seven-year high of $88.54 earlier in the session.Both Brent and WTI are set to rise for a sixth week, the longest weekly streak since October, when Brent prices climbed for seven weeks while WTI gained for nine.This year, prices have gained about 15% amid geopolitical tensions between Russia, the world’s second-largest oil producer and a key natural gas provider to Europe, and the West over Ukraine as well as threats to the United Arab Emirates from Yemen’s Houthi movement that have raised concerns about energy supply.”Where Brent crosses $90 level, we see…
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