Oil posts weekly gain as crude market expected to tighten

Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. Picture taken with a drone. 

Bing Guan | Reuters

Crude oil futures fell slightly Friday but gained for the week after rising in the two previous sessions.

The West Texas Intermediate contract for April fell 22 cents, or 0.27%, to settle at $81.04 a barrel. The Brent contract for May lost 8 cents, or 0.09%, to settle at $85.34 a barrel.

U.S. crude and the global benchmark were up more than 3.5% week to date.

Oil Prices, Energy News and Analysis

OPEC and the International Energy Agency are now both expecting a tight crude market this year. The IEA has revised its outlook for 2024, projecting a slight supply deficit rather than a surplus. The Paris-based agency’s forecast is now more in line with OPEC’s projections.

Attacks by Ukraine this week on Russian oil refineries also emphasized the risk that war in Eastern Europe poses to crude production and fuel supplies.

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