Rising Geopolitical Risk Puts Oil Prices on Course for a Weekly Gain ...Middle East

Crude oil prices were set to close with a gain this week as the risk of escalation in the Middle East remains elevated, OPEC expects strong oil demand this year, and U.S. inventories fall. Propped up by these factors, the benchmark made some gains earlier this week, tempered, however, by the International Energy Agency’s latest oil market report that predicted solid supply this year, even as the IEA revised its demand projection upwards. The gains led some commentators to suggest oil could close this week at the highest in three weeks—yet…

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