Oil headed for a third weekly gain as supply disruptions in Africa and a reduction in shipments from Russia tightened the market.
West Texas Intermediate futures traded near $77 a barrel on Friday and are around 4% higher this week. Libya’s second-biggest oil field is in the process of shutting due to protests, while there’s also a production halt in Nigeria. That follows signs that resilient Russian flows are finally starting to ease.
Crude remains marginally lower this year and the International Energy Agency said Thursday that global demand won’t grow as fast as previously expected in 2023, although the agency still sees record demand. The market is expected to tighten in the second half, aided by supply cuts from Saudi Arabia and Russia.
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