Oil prices gain 2% after IEA says market tight | Reuters

Oil prices gain 2% after IEA says market tight | Reuters

Oil prices rose 2% on Friday after the International Energy Agency (IEA) said oil markets were tight, but crude benchmarks were still headed for weekly losses on jitters about looming U.S. interest rate hikes and concern that U.S.-Iran talks which could boost global supplies.

Brent crude futures rose $1.52, or 1.7%, to $92.92 a barrel by 1145 a.m. ET (1645 GMT). U.S. West Texas Intermediate crude gained $1.67, or 1.9%, to $91.53 a barrel.

Prices are on track for their first weekly decline after seven consecutive weekly gains.

Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude, the IEA said, adding that the OPEC+ alliance produced 900,000 barrels per day (bpd) below target in January.