Oil Poised for Weekly Gain as OPEC+ Cuts Counter Trade Worries - Bloomberg

Oil Poised for Weekly Gain as OPEC+ Cuts Counter Trade Worries - Bloomberg:

Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and a reported output halt at the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.

Futures in New York were steady Friday, and are up 3.3 percent for the week. Russia said it would accelerate output cuts agreed to in a deal with the OPEC+ coalition, while Saudi Arabia stopped production at the Safaniyah offshore field this week after an accident damaged the facility’s main power cable, Energy Intelligence Group reported. Asian stocks fell Friday as the U.S. and China were said to have made little progress in trade talks this week in Beijing.