Oil Flat, On Track Weekly Gain — Market Talk

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Oil Flat, On Track Weekly Gain — Market Talk

08:42 ET – US benchmark oil prices are virtually flat early in NY but on track for a nearly 2% weekly gain that would be the fifth rise in six weeks. A 5% price rally over the past month has been largely driven by the view US sanctions on Iran will reduce its exports, thus shrinking global crude oil supplies at a time supplies already tight and worldwide demand is strong. Peter Cardillo at Spartan Capital, noting the muted price movements Friday morning, said he thinks oil prices “are likely to stay capped around these levels as the prices build a new stronghold base to rally from.” The Nymex oil contract for November is unchanged on the day at $72.12/bbl. (dan.molinski@wsj.com)