Oil heads for a second week of gains amid fears of supply ‎disruptions

Oil prices extended their gains on Friday, heading towards recording increases for the second week, amid growing fears of supply disruptions from one of the largest crude producing regions in the world.

According to Reuters, Brent crude futures increased 97 cents, or 1.1%, to $93.35 per barrel by 0603 GMT. US West Texas Intermediate crude also rose $1, or 1.1%, to $90.37 per barrel. The November contract expires on Friday

The most active December contract for West Texas Intermediate crude reached $89.36 per barrel, up 99 cents, or 1.1%.

Oil prices are also benefiting from expectations of a growing deficit in the fourth quarter after Saudi Arabia and Russia, the two main producers, extended supply cuts until the end of the year and amid a decline in inventories, especially in the United States.

The US Department of Energy said on Thursday that Washington is seeking to purchase 6 million barrels of crude for delivery to the Strategic Petroleum Reserve in December and January as it continues its plan to refill emergency stockpiles.

Separately, OPEC+ sources told Reuters that the temporary lifting of US oil sanctions on Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is unlikely to require any changes in the policy of the OPEC+ alliance at the present time, as the recovery is likely to be produced gradually.