Oil is set to finish the week on a higher note

Oil is on track for a weekly gain as OPEC+ leaders decided earlier this month whether to extend supply cuts into the next quarter Oil prices are on track for a weekly gain as market indicators continue to show signs of strength after OPEC+ leaders decided earlier this month whether to extend supply cuts into the next quarter. Brent futures rose above $82 a barrel, adding 0.8% for the week. U.S. crude edged toward $79. Oil capped a second monthly gain in February, but prices remain in a narrow trading range. Geopolitical tensions, including the Israel-Hamas war, helped fuel some gains, but rising non-OPEC supply and ongoing concerns about Chinese demand have held back futures from recovering. OPEC+ is widely expected to extend its current supply cuts into the next quarter in a bid to prevent a global glut and support prices. The group has imposed curbs of around 2 million barrels a day. Meanwhile, expectations that the U.S. will keep interest rates on hold for longer were strengthened by the Fed’s preferred inflation gauge rising at its fastest pace in nearly a year, likely a headwind to broader energy demand that is hurting commodities including crude oil.