Oil prices on pace for best week in more than two months as forecasts point to tighter market

Oil remains well below annual highs set in April but has regained ground after a sell-off last week pushed prices to four-month lows.Crude oil futures rose for a fifth day Friday, on pace for the best week in more than two months as analysts see a tighter market heading into the third quarter.

Oil remains well below annual highs set in April but has regained ground after a sell-off last week that pushed prices to four-month lows after a decision by OPEC+ to increase production later this year Deutsche sees the oil supply deficit expanding to nearly 1 million barrels per day in the third quarter, which should support Brent prices rising to the mid-to-upper $80s per barrel range.

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Oil prices on pace for best week in more than two months as forecasts point to tighter marketOil prices are up more than 4.5% for the week, the strongest gains since early April.
Source: CNBC - 🏆 12. / 72 Read more »