{"id":616149,"date":"2022-08-12T06:59:52","date_gmt":"2022-08-12T04:59:52","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=616149"},"modified":"2022-08-12T06:59:52","modified_gmt":"2022-08-12T04:59:52","slug":"oil-heads-for-biggest-weekly-gain-in-four-months","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/energy\/616149\/oil-heads-for-biggest-weekly-gain-in-four-months\/","title":{"rendered":"Oil heads for biggest weekly gain in four months"},"content":{"rendered":"

Oil headed for the biggest weekly gain in four months on interruptions to supply and speculation fuel switching will buoy demand.<\/p>\n

West Texas Intermediate edged below $94 a barrel in Asia, but is still up more than 5% this week. Six oil and gas fields in the Gulf of Mexico have been shut after a leak at a Louisiana booster station halted two pipelines. The conduits are expected to resume service on Friday, according to Shell Plc.<\/p>\n

The International Energy Agency boosted its forecast for global demand growth as soaring natural gas prices and heat waves spur demand. Global consumption will rise by 2.1 million barrels a day this year, up 380,000 a day from the agency\u2019s previous forecast. In addition, the IEA said OPEC+ is unlikely to increase output in the coming months because of limited spare capacity.<\/p>\n

Crude\u2019s substantial weekly gain follows a drop to a six-month low last week as investors fretted about the outlook for slower economic growth and weaker consumption. Prices have also benefited in recent days from a brief halt to supplies along a pipeline that carries crude from Russia to central Europe, as well as a weaker dollar after data showed an easing in the pace of US inflation.<\/p>\n

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\u201cOil\u2019s macro sentiment improved this week as inflation worries in the US eased with a drop in gasoline prices,\u201d said Gui Chenxi, an analyst at CITIC Futures Co.<\/p>\n

Prices:<\/p>\n