Bloomberg By Grant Smith and Saket Sundria 7/9/2021
• WTI rises on Friday, paring first weekly decline since May
• Crude futures advance 1.3% to $73.85 a barrel in New York
Oil prices continued to swirl as traders tried to fathom how the clash inside the OPEC+ alliance will play out in global markets.
Early in the week, U.S. crude soared to a six-year high near $77 a barrel on fears that OPEC’s failure to agree a production increase would leave markets desperately tight. But the gains soon fizzled on concern that the dispute between Saudi Arabia and the United Arab Emirates could splinter the entire alliance and undo its production cuts.
Futures advanced 1.3% on Friday, gaining in tandem with other commodities. Nonetheless, crude is down 1.8% for the week and the main focus for traders in coming days will be whether the the Organization of Petroleum Exporting Countries and its partners can repairs its split.
“The OPEC+ impasse has taken the wind out of oil bulls’ sails this week,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.
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https://www.bloomberg.com/news/articles/2021-07-08/oil-extends-gain-as-slump-in-stockpiles-shows-robust-u-s-demand