Oil Rises for Sixth Week as Growing Chorus Predicts $100 Price
- Crude trades near highest since 2014 on demand, Ukraine fears
- OPEC+ alliance due to meet Feb. 2 to decide on supply policy
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Oil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022.
West Texas Intermediate rose 2% for the week as robust demand tightened global markets. As supply remains constrained, a chorus of Wall Street banks and oil executives are forecasting a return to $100 oil. Additionally, heightened geopolitical risks driven by fears that Russia may invade Ukraine have also contributed to crude’s climb.