Oil Prices On Track For A Fourth Consecutive Weekly Gain

Crude oil prices are about to record their fourth consecutive week of gains after OPEC said in its monthly report that supply is about to tighten further. The latest Monthly Oil Market Report showed OPEC’s combined daily average output at 28.8 million barrels for March, which was 86,000 bpd less than the average for February. Yet OPEC also said in its latest report that the oil market was in for a substantial supply deficit later in the year that would only worsen with time. Further contributing to higher prices, the head of the International…