Oil prices rose after it’s longest weekly losing streak in five years, driven by indications that supply was beginning to outstrip demand.
Brent crude traded above $76 per barrel after seven weeks of declines, while WTI was close to $71.
The stronger-than-expected U.S. jobs report and plans to replenish the strategic reserve of crude oil helped to stop a losing streak that lasted six sessions until Friday.
Oil has fallen by about a fifth since late September, with additional production cuts from OPEC+, Saudi Arabia, and Russia’s statements that restrictions could be extended beyond March failing to halt the decline.
Production from outside OPEC+, especially the United States, is rising; China’s demand growth is expected to slow next year; and there is a chance of a recession in the United States.
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