Bull Run Continues As Traders See Tight Supply In 2022

U.S. West Texas Intermediate crude oil futures are edging higher early Friday, picking up where they left off the previous session. On Thursday, oil prices rose 1% after top oil producer Saudi Arabia rejected calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators. A government report predicting a slide in U.S. output is also helping to underpin prices. The price action suggests traders are downplaying an unexpectedly large increase in U.S. crude inventories…