Oil set for biggest weekly gain in a month

TOKYO: Oil headed for its biggest weekly gain in a month as the Opec+ coalition’s supply cuts and a reported output halt at the world’s biggest offshore field overshadowed renewed concern over the US-China trade war.

Futures in New York were steady yesterday, and are up 3.3% for the week. Russia said it would accelerate output cuts agreed to in a deal with the Opec+ coalition, while Saudi Arabia stopped production at the Safaniyah offshore field this week after an accident damaged the facility’s main power cable, Energy Intelligence Group reported.