Oil Gains for Sixth Week Ahead of Closely Watched OPEC+ Meeting
- Futures ride wave of exuberance after U.S. employment gains
- OPEC+ has tentative deal with Iraq on compliance with quotas
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OPEC and its allies will decide Saturday whether to extend a historic production-curb agreement for another month. The market is betting they will.
Futures in New York notched a sixth weekly gain in the run-up to the meeting, closing at the highest level since the producer alliance’s fateful March 6 gathering -- when talks devolved into a vicious price war that sent oil to record lows. What happens this weekend will set the course for the market, which has staged a spectacular recovery from a mid-April plunge below zero.