Oil Closes Near 4-Month High After Second Straight Weekly Gain

 Updated on 
  • OPEC production dropping as cartel members prepare for summit
  • Market’s rally stalls on Friday as U.S.-China pact delayed

Oil gained for a second straight week as OPEC assured traders it’s committed to culling supplies ahead of a key meeting with allies in Azerbaijan this weekend.

Futures advanced 4.4 percent this week in New York and settled Friday just pennies off a four-month high. OPEC self discipline and a surprise reduction in U.S. crude inventories signaled tightening supplies, but concern that the U.S.-China trade dispute won’t end soon limited gains at week’s end.

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