Oil Posts Weekly Advance Amid Signs of a Tightening Market
- Key timespreads suggest more limited physical supplies
- Reporting showing persistent US inflation holds gains in check
Oil rose this week amid signs of a tightening physical market while traders continue to assess lingering Middle East risks.
West Texas Intermediate edged higher to settle just below $84 a barrel, concluding a weekly advance of 2% for the June contract. A report earlier this week showed US crude stockpiles dropping to the lowest since January, while gauges such as the WTI cash roll and key timespreads are signaling supply constraints.