• Oil held near the highest close in three months as a risk-on mood in wider markets and signs OPEC+ members are complying with supply cuts overshadowed a gloomy demand outlook from the IEA.
• West Texas Intermediate traded above $78 a barrel after rising 1.8% on Thursday to its highest close since Nov. 14, while Brent crude was below $83. Oil’s gains came as US equities closed at another record, and the dollar eased, making commodities more attractive for overseas buyers.
• Crude has been grinding its way higher despite concerns highlighted by the Paris-based International Energy Agency that oil markets could be in surplus all year as global demand growth loses steam. US benchmark WTI is on course for its fourth weekly gain in the past five.
• OPEC+ has been implementing supply cuts to support prices.