Oil Posts Biggest Weekly Gain Since March on Supply Fears
- WTI is up 16% this week as OPEC+ decision tightens markets
- Oil rallied Friday despite macro headwinds from US jobs report
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Oil posted its biggest weekly gain since early March as an increasngly negative supply outlook offset nagging macroeconomic concerns.
West Texas Intermediate futures settled close to $93 a barrel on Friday after rallying more than 16% for the week. Time spreads had been signaling supply scarcity even before the OPEC+ alliance announced its biggest output cut since the start of the pandemic. The move accelerated oil’s rally despite crashing equities, a rising dollar, and a US jobs report that reignited concerns about rising interest rates.