Oil Prices Set To Extend Gains For A Third Consecutive Week

Crude oil prices are about to post a third weekly gain boosted by OPEC+’s unexpected decision to reduce its combined output by another 1.16 million bpd, despite continued concern about a global slowdown. Oil prices surged on Monday, following the Sunday declaration of the oil production group and later in the week steadied amid fresh U.S. and Chinese economic data that suggested weaker post-pandemic growth. In the U.S., the latest weekly jobless data revision showed a higher number of initial jobless claims than previously estimated and growth…