Oil headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and US crude stockpiles fell.
West Texas Intermediate was little changed near $72 a barrel, on course for a weekly advance of 1.6%. The US crude benchmark is set for the first back-to-back weekly increase since May, with near-term time spreads flipping into a narrow backwardated structure, a bullish pricing pattern.
Saudi Arabia set large price increases for its crude to Europe and the Mediterranean after announcing an extension into August of its unilateral 1-million-barrel-a-day supply cut. In addition, Russia said it would reduce exports by half a million barrels, although output won't be lowered.
WTI for August delivery was little changed at $71.76 a barrel at 9:58 a.m. in London.
Brent for September settlement was also steady at $76.45 a barrel.
Source : Bloomberg
