Oil Set for 3rd Week of Gains

Oil prices were set to register their third consecutive weekly gain for the first time since April, rising on Friday due to supply disruptions in Libya and Nigeria, and hopes of higher demand for crude due to easing US inflation.
Brent crude futures had added 5 cents, or 0.1%, to $81.41 per barrel. US West Texas Intermediate crude futures rose 9 cents, or 0.1%, to $76.98. Both benchmarks, which have risen by about 9% this month, are on track to settle higher for a fourth session in a row, Reuters reported.
On Thursday, a number of oilfields in Libya were shut down in a protest by a local tribe against a kidnapping of a former minister. Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal.
Protests in Libya alone could take away more than 250,000 barrels of oil per day from the market, ANZ Research said.
Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices.
The Organization of Petroleum Exporting Countries on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024.