Oil prices head to weekly gain as crude market expected to tighten

Environment

Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. Picture taken with a drone. 
Bing Guan | Reuters

Crude oil futures fell slightly Friday after booking gains in two consecutive sessions, but are on pace to close out the week higher.

The West Texas Intermediate contract for April fell 48 cents, or 0.59%, to $80.78 a barrel. The Brent contract for May lost 46 cents, or 0.54%, to $84.96 a barrel.

U.S. crude and the global benchmark are up 3.5% week to date so far.

OPEC and the International Energy Agency are now both expecting a tight crude market this year. The IEA has revised its outlook for 2024, projecting a slight supply deficit rather than a surplus. The Paris-based agency’s forecast is now more in line with OPEC’s projections.

Attacks by Ukraine this week on Russian oil refineries also emphasized the risk that war in Eastern Europe poses to crude production and fuel supplies.

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