Oil rises on outages and gasoline demand | Clickpersky 2016
Oil rises on outages and gasoline demand Oil rallied on Friday and crude futures were on pace for big weekly gains, as supply disruptions in Iraq and Nigeria bolstered prices.
Pipeline outages in Iraq and Nigeria have removed more than 800,000 barrels of crude oil per day from the market for at least the next two weeks. The disruptions should offset recent increases to supply from Iran, analysts said.
U.S. stock prices hit their highest in nearly two months after an upward revision to the country's economic growth for the fourth quarter. A raft of other U.S. economic data also boosted Wall Street, which has traded in tandem with oil for weeks.
"Equities have been in a rally mode and with the technical picture for oil becoming bullish in the short term, we have a risk-on trade in crude," said Chris Jarvis at Caprock Risk Management, an energy markets consultancy in Frederick, Maryland.
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