Oil Posts Fourth Weekly Gain as IEA Sees Higher Price Threat
- Agency says OPEC+ cuts increase price siege on oil consumers
- WTI settles above $82 a barrel, taking weekly climb to 2.3%
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Oil rose for the fourth straight week, supported by signs of a tightening global market that have the International Energy Agency warning of higher prices ahead.
West Texas Intermediate settled above $82 a barrel, posting its longest run of weekly advances since June. Crude is hovering near five-month highs after OPEC+ surprised the market with plans to cut more than 1 million barrels of daily output. Declining US stockpiles, weaker flows from Russia and interruptions to pipeline supplies from Iraqi Kurdistan have added to the gains.