Oil heads for 3rd weekly gain
Oil remained on track for weekly gains on Thurday, with further production cuts targeted by Opec+ and a drop in US oil inventories overshadowing fears over global economic growth.
Brent and US crude have both gained more than 6 per cent this week, heading for a third weekly gain after the Organization of the Petroleum Exporting Countries (Opec) and allies including Russia - a group known as Opec+ - pledged surprise production cuts.
Crude dipped on Thursday, however, as weak US economic data raised concern over economic growth. The US services sector slowed more than expected in March and US job openings in February dropped to their lowest in nearly two years.
"The oil market's bullish momentum may have paused, but upside potential remains given the tightening supply backdrop," said Stephen Brennock of oil broker PVM.
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