Oil Set for Weekly Gain as Supply Uncertainty Clouds Outlook
Oil is headed for its biggest weekly gain since early January as supply uncertainty grows.
West Texas Intermediate crude futures rose near $73 a barrel and are up nearly 3% this week, their biggest gain since Jan. 10. Brent crude settled above $76. OPEC+ could delay an output increase, Kazakhstan output remains disrupted after a Ukrainian drone attack on Russia, while the status of the resumption of exports from Iraq’s Kurdistan region is unclear.
The lack of clarity on supply further clouds the outlook for crude, which has been battered by U.S. President Donald Trump’s swift tariff actions and broader policy decisions. Threats of U.S. tariffs on imports that could hurt global growth have caused oil futures to erase much of their early gains this year over the past few weeks.
Elsewhere, the U.S. has signaled that sanctions relief for Russia could be on the table in talks over the war in Ukraine. Treasury Secretary Scott Bessent said on Thursday that the U.S. is prepared to add or remove sanctions based on the Kremlin’s willingness to talk.
A weaker dollar also makes commodities more attractive to many buyers. Bloomberg’s U.S. currency gauge fell to its lowest since December on Thursday.
Source: Bloomberg
