Oil prices rose today, notching another week of week-over-week gains for the fourth straight week in a row. Brent closed up 1.5% for the week and WTI was up 2.4% for the week. The US\u2019s energy watchdog, the IEA has warned deep output cuts could exacerbate an oil supply deficit and hurt consumers. “Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly,” it said in its monthly oil report. “This augurs badly for the economic recovery and growth.” The narrative in oil markets at the moment is one of undersupply, and that has supported prices over the last few days and weeks. The greenback did edge up slightly today, which could be a limiting factor for oil prices in the future. WTI traded up $.36 or .4% to close at $82.52. Brent traded up $.22 or .3% to close at $86.31.<\/p>\n\n\n\n
Oil prices rose today, notching another week of week over week gains for the fourth straight week in a row. <\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n