Oil is headed for a sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022.West Texas Intermediate traded near $88, taking its advance this week to about 3%, while the global Brent benchmark approached $91 as robust demand tightened global markets. As supply remains constrained, a chorus of Wall Street banks and oil executives are forecasting a return to $100 oil. Additionally, heightened geopolitical risks driven by fears that Russia may invade Ukraine have also contributed to crude’s climb.“Demand has been strong, supply has been struggling a little bit to keep up with that and that’s reflected in the market,” said Chevron Corp. Chief Executive Officer Mike Wirth on Bloomberg TV. Wirth added that geopolitical events are impacting the commodity market more now than they did in the past and that $100 oil “is certainly within the realm of what we could see in the next few months.”
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