CRUDE OIL NEWS UPDATED BY ROYALTRADERS

Oil Set for Biggest Weekly Gain in Two Years as Rebound Persists

Oil headed for its biggest weekly gain in over two years on hopes that OPEC will manage to shrink a glut and trade tensions between the U.S. and China will ease.

Futures in New York have advanced 9.5 percent this week, as Saudi Arabia pledged that a producer coalition it’s leading will keep the market in balance. Still, prices are about 30 percent lower than their highs in October even after a rebound since Christmas Eve thrust crude back into a bull market. That signals investors need reassurance that the group will curb supply sufficiently and demand will hold up.

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