Oil rises after OPEC warns members to stick to quotas | Reuters

Oil rises after OPEC warns members to stick to quotas | Reuters:

Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit.

Brent crude LCOc1 was up 18 cents at $43.48 a barrel by 0756 GMT while U.S. oil futures CLc1 rose 17 cents to $41.14.

Both contracts are set for their strongest weekly gains since early June after Hurricane Sally cut U.S. production and OPEC and its allies laid out steps to address market weakness.

Goldman Sachs predicted the market would be in a deficit of 3 million barrels per day (bpd) by the fourth quarter and reiterated its target for Brent to reach $49 by the end of the year and $65 by the third quarter of 2021.