Oil futures rise Friday, on track for weekly gains, as investors weigh prospects for more output cuts from OPEC+.
Oil futures rose Friday, on track for weekly gains, as investors weighed prospects for further cuts in crude production when the Organization of the Petroleum Exporting Countries and its allies meet next week.
Price action Market drivers WTI and Brent were on track Friday morning for weekly gains of around 0.8% and 1.2%, respectively. Crude was lifted earlier this week after Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman warned that oil short sellers should “watch out,” threatening a rerun of the price spike that occurred after OPEC+ output cuts were announced in early April. Analysts took the remarks as a threat that more output cuts may be in store.
Further cuts appear unlikely since the latest round of reductions came into force only at the beginning of May, said Barbara Lambrecht, commodity analyst at Commerzank, in a note.
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