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Oil set for third weekly advance as market tightens on outages

Oil was poised for a third weekly gain as the market tightened due to supply constraints across OPEC+ members following civil unrest.

Photo: Amr Abdallah Dalsh/Reuters/Ritzau Scanpix

Crude futures in New York rose to trade near USD 80 a barrel after climbing about 6 percent over the past four sessions. Kazakhstan's biggest oil producer has altered output at the giant Tengiz field following protests in the country, while Libyan production has also been crimped. Oil's market structure has firmed in a bullish backwardation structure, signaling growing supply tightness.

The OPEC+ alliance this week stuck with a scheduled output boost of 400,000 barrels a day for February, but the group is unlikely to meet that threshold as some members struggle to achieve their targets. Output in Libya has declined amid militia unrest, while Russia also failed to boost output last month.

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