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Oil holds near five-month high in most bullish week since July

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Brent oil prices held near five-month highs on Friday, and were on track for the biggest weekly gain since late July, on forecasts for rising demand and the gradual restart of U.S. oil refineries.The Organization of the Petroleum Exporting Countries this week forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its deal with non-OPEC states to cut output is helping tackle a glut.That was followed by a report from the International Energy Agency (IEA) saying the glut was shrinking thanks to strong ...

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First Published: Fri, September 15 2017. 23:29 IST
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