Oil Set for Weekly Gain as Saudis Say Willing to Extend Curbs

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Saudi Energy Min. Says Oil-Supply Cuts May Be Extended

Oil headed for a weekly increase as U.S. stockpiles retreated from record levels while Saudi Arabia said it’s prepared to continue production curbs in the second half of the year.

Futures rose 0.5 percent in New York, up 1 percent for the week. U.S. inventories last week fell for the first time this year, according to Energy Information Administration data on Wednesday. Output curbs by OPEC and its partners may continue past June if global stockpiles remain above the five-year average, according to Saudi Arabia’s Energy Minister Khalid Al-Falih…

 

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Posted in: Daily News

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