Oil logged a weekly gain of more than 8% Friday, July 28 — the largest such rise since early December, MarketWatch reports.
Three developments indicating tighter supplies ahead are lifting prices: The U.S. is reporting a drop in its domestic stockpiles. The political crisis in Venezuela could disrupt crude supplies from this source. Saudi Arabia, OPEC’s top exporter, announced plans to limit exports starting in August.
Descartes Datamyne trade data supplies evidence that Saudi Arabia began putting the brakes on exports earlier this summer. Or, as Matt Smith, director of commodity research at ClipperData, put it, “they are not just talkin’ the talk, but walkin’ the walk.