Oil rose for a third straight week as demand remained resilient, while supplies are frayed across the OPEC+ coalition and beyond.
West Texas Intermediate crude in New York climbed 5% this week, despite closing down 0.7% on Friday. Kazakhstan’s biggest oil producer has altered output at the giant Tengiz field following protests, while Libyan production has also been crimped. However, restrictions on access to restaurants and gyms from Germany to Hong Kong were a reminder that the omicron variant could still curb demand.
“The oil market remains very tight and seems like it will go higher,” said Ed Moya, Oanda’s senior market analyst for the Americas. “But energy traders are concerned curbs across Europe and Asia could threaten the short-term demand outlook.”
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