(Bloomberg) -- Oil rose to trade near $60 a barrel -- but was headed for a weekly drop -- as Saudi Arabia defended the OPEC+ plan to increase output and said the alliance was nimble enough to change course if necessary. West Texas Intermediate added 0.4% after a small decline Thursday, paring its weekly loss to less than 3%. Saudi Energy Minister Prince Abdulaziz bin Salman said there’s nothing yet in the market “that disturbs us”. The group will continue to meet monthly and it can adjust plans, he said in an interview. Crude has been hemmed into a narrow range around $60 a barrel since mid-March as investors weigh the roll-out of vaccines and increased economic activity against Covid-19 flare-ups in some countries. The Organization of Petroleum Exporting Countries and its allies agreed last week to reintroduce more than 2 million barrels a day of supply over the coming months. There was further support for financial markets from Federal Reserve Chair...read more...
SectorOil & Gas