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Oil prices head to weekly gain as crude market expected to tighten
Crude oil futures fell slightly Friday after booking gains in two consecutive sessions, but are on pace to close out the week higher. The West Texas Intermediate contract for April fell 48 cents, or 0.59%, to $80.78 a barrel. The Brent contract for May lost 46 cents, or 0.54%, to $84.96 a barrel. U.S. crude and the global benchmark are up 3.5% week to date so far. OPEC and the International Energy Agency are now both expecting a tight crude market this year. The IEA has revised its outlook for 2024, projecting a slight supply deficit rather than a surplus. The Paris-based agency’s forecast is now more in line with ... (full story)