Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg

Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg

PRICES

West Texas Intermediate for July delivery rose 12 cents to $70.41 a barrel at 8:53 a.m. in New York Prices are up 1.2% this week Brent for August settlement advanced 7 cents to $72.59, and are 1% higher for the week Oil headed for a third straight weekly gain on signs of improving demand, with the International Energy Agency warning that the market will need extra supply next year. Futures in New York have bounced around $70 a barrel this week, closing Thursday at the highest level since October 2018. The IEA said Friday that OPEC and its allies will need to lift output to keep the market adequately supplied, though the agency predicted demand won’t reach pre-virus levels until late 2022. Road traffic in the U.S. and much of Europe is largely back to levels before the pandemic, but jet fuel remains far below where it was in 2019. There are also risks to the demand outlook as parts of Asia and Latin America continue to grapple with virus cases.