Oil is making its longest weekly gain since 2015

Oil is making its longest weekly gain since 2015
Oil is making its longest weekly gain since 2015

Oil prices are heading for the longest period of weekly gains since 2015, as OPEC Plus producers modestly supply the markets with oil, at a time when US crude supplies are shrinking.

Oil futures rose by a significant 1.4 percent today, Friday, in New York, and are heading to achieve gains for the ninth consecutive week.

US President Joe Biden said Thursday evening that Americans should expect gasoline prices to continue to rise until next year, due to the blocking of supplies by OPEC and other foreign oil producers.

Stocks in the largest storage center of the United States are being depleted, reaching levels recorded when oil prices reached $100 a barrel.

And while core prices have been volatile over the past two sessions, structural supply pressures have been the biggest driver in the markets, Bloomberg News Agency quoted on Friday, John Kilduff, partner at Again Capital LLC.

He said, “There is no real trend in the market that OPEC Plus is in the process of providing any significant amount of additional crude oil in the foreseeable future.”

Oil prices jumped to their highest levels since 2014 this week, on concerns that rising consumption is outstripping supplies. The shortage of natural gas and coal has also created additional demand for petroleum products.

On the other hand, OPEC and its allies did not once again pump enough oil to meet their production targets, exacerbating the supply deficit, at a time when the world is recovering from the repercussions of the Corona virus pandemic.

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