Oil heads for fourth weekly gain as Red Sea attacks fuel supply concerns

Oil prices were little changed on Friday but remained on track for a fourth consecutive weekly gain as attacks on oil tankers in the Red Sea and lower output from Kazakhstan heightened concerns over global supplies.

Brent crude futures rose 37 cents, or 0.4%, to $101.06 a barrel by 0330 GMT after settling above $100 in the previous session for the first time since May. U.S. West Texas Intermediate (WTI) crude traded at $91.20 a barrel, with both benchmarks set for double-digit weekly gains.

Market sentiment was supported by fears that attacks on shipping in the Red Sea could further disrupt oil flows from the Middle East, while Kazakhstan temporarily reduced production because of export constraints.

N. Tebrizli