Crude Advances as Alarm Bells Sound Over Impending Supply Crunch

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(Bloomberg) — Oil headed for the longest run of weekly gains since the start of 2018 amid concern that Saudi Arabia and Russia may not pump enough crude to prevent a supply crunch as Iranian cargoes disappear from world markets.

Futures climbed as much as 0.9 percent in New York on Friday. Prices may hit $100 this autumn as U.S. pressure stymies exports from Iran, OPEC’s No. 3 producer, according to Russian Energy Minister Alexander Novak. Saudi Arabian Energy Minister Khalid Al-Falih said the kingdom is boosting production and will supply needy refiners.

“We’re just seeing a lot of fear about future supply,” said Ashley Petersen, senior oil market analyst at Stratas Advisors LLC.

Read more at : https://www.investing.com/news/commodities-news/crude-advances-as-alarm-bells-sound-over-impending-supply-crunch-1634489

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