Oil Set for 6th Weekly Gain as Airstrikes Shift Focus From Glut - Bloomberg Business

Oil Set for 6th Weekly Gain as Airstrikes Shift Focus From Glut - Bloomberg Business:



"Oil headed for a sixth weekly advance as renewed speculation that Middle East shipments may be disrupted amid Saudi-led airstrikes in Yemen shifted focus from the expanding U.S. glut.



Futures were little changed in New York and are up 3.2 percent this week. Raids by a coalition of mostly Sunni Muslim nations against Shiite rebels marked an escalation of the civil war in Yemen, a country near major oil fields and adjacent to key shipping routes. While U.S. crude stockpiles are at an 85-year high, data on Wednesday showed the nation’s output slid for a second week amid a drop in drilling activity.



Oil is rebounding from a six-year low in March amid speculation the drilling slowdown and improved fuel demand will help drain a market’s oversupply. Vitol Group, the world’s biggest independent oil trader, said this week that crude prices won’t fall below $50 a barrel for sustained periods."



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