Oil market set for seventh weekly climb as WTI nears $92 a barrel

Oil powered toward a seventh straight weekly gain as investors zeroed in on a fast-tightening global market and geopolitical tensions.

West Texas Intermediate (WTI) hit a fresh seven-year high near $92 a barrel, set for a jump of more than 4 per cent this week. Brent has surged 18 per cent since the year began and banks, including Goldman Sachs Group, Inc., forecast it’ll reach $100.

Gains this week have been driven by a combination of factors. Investors have expressed doubt the Organization of Petroleum Exporting Countries (Opec) and its allies can deliver in full on plans to boost output. At the