• West Texas Intermediate edged higher on Friday after crossing the $90 a barrel mark on Thursday for the first time since November. The International Energy Agency and Organization of Petroleum Exporting Countries both warned this week that the market would be in deficit through the end of the year, helping to propel crude to a gain of 3.6% since last Friday’s close.
• Demand has also held up on increasing signs the US may be able to avoid a recession, while consumption in China has been resilient despite an economic downturn there. The tightening market is also being reflected in surging fuel prices, with diesel at a record high on a seasonal basis in New York.
• The US crude benchmark has now surged 35% from a low in mid-June, with predictions from analysts that oil will reach $100 a barrel becoming increasingly common.