Oil has best week in 4 months
Andres Guerra Luz, Bloomberg
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Offshore drilling rigs Ocean Vanguard, operated by Diamond Offshore Drilling Inc., left, J. W. McLean, operated by Transocean Ltd., center, and Prospector 1, operated by Prospector Offshore Drilling SA, right, stand anchored in the Cromarty Firth in Cromarty, U.K., on Tuesday, Aug. 5, 2014.Simon Dawson/Bloomberg
Oil posted the biggest weekly gain since late September as Saudi Arabia’s plan to slice output spurred a surge in physical crude buying.
Futures in New York advanced $3.72 this week and Brent oil topped $55 a barrel for the first time since February. Saudi Arabia’s pledge earlier this week to cut production by 1 million barrels a day in February and March has made for a tighter supply outlook sooner than anticipated. Meanwhile, prospects for additional stimulus under a Biden administration spurred broader market gains.