The search for balance in oil

Oil seeks stability after four weeks of gains as International Energy Agency warns of price hikes Oil prices were flat after advancing for a fourth week on signs of tightening markets as the International Energy Agency warned of higher prices. U.S. crude traded above $82 a barrel after posting its longest weekly gain since June. The IEA said on Friday that a surprise OPEC+ output cut would tighten the market more than previously expected and lead to further price increases, further hurting consumers. Oil rebounded after a banking crisis that roiled markets sent futures to a 15-month low in mid-March. Dwindling crude inventories at the U.S.’s key storage hub in Cushing and disruptions to supplies from Iraq contributed to the tightening in global markets. “The OPEC+ cuts have clearly lifted prices. However, weak refinery margins are a concern,” said Warren Patterson, head of commodity strategy at ING Group in Singapore.