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Friday, 18 May 2018

Oil Rides Best Weekly Winning Streak Since 2011 on Flaring Risks - Bloomberg

Oil Rides Best Weekly Winning Streak Since 2011 on Flaring Risks - Bloomberg:

"Oil in London is set for the longest weekly run of gains in seven years on growing concerns over supply disruptions from the Middle East to Venezuela and on signs a global glut has dwindled.

Brent futures are heading for a sixth weekly advance after topping $80 a barrel for the first time since 2014 on Thursday. Renewed U.S. sanctions on third-largest OPEC producer Iran and shrinking supplies from Venezuela have buoyed crude’s recent rally. Additionally, the International Energy Agency said this week that a global surplus has finally been eliminated thanks to output cuts by the Organization of Petroleum Exporting Countries and its allies.

Still, with crude trading near levels last seen in November 2014, the Paris-based IEA also warned that rising prices may hurt consumption. Investors are also watching for clues on whether other producers such as Saudi Arabia and Russia will be willing to pump more to fill deficits resulting from turmoil in Venezuela or the U.S. move to restrict Iranian exports. Goldman Sachs Group Inc. remains bullish, saying that even American shale won’t be able to make up for potential supply losses."

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