Oil is set to finish the week on a higher note

Oil eked out a quarterly gain as OPEC+ restrictions tightened the market. Oil rose 16% in the quarter in the latest sign that export curbs by OPEC and its allies are reining in global supply. U.S. crude closed above $83 a barrel on Friday, the highest close in more than a week. The OPEC+ alliance extended a supply cut of about 2 million barrels a day through the end of June, supporting expectations that global inventories will shrink. Ukraine’s drone strikes on Russia’s energy infrastructure, geopolitical tensions in the Middle East and a surge in demand worldwide also helped prices. Key indicators of U.S. economic activity advanced strongly on Thursday, pointing to healthy growth. That helped offset rising domestic crude and gasoline stockpiles that have eased some of the supply squeeze. The bullish environment has prompted some banks to warn that there is room for higher prices. Sticking with current forecasts, JPMorgan Chase & Co. said this week that international benchmark Brent crude has a path to approach triple digits by September if the impact of Russia’s production cuts is not offset by countermeasures.