Oil prices advanced Friday, on track to end the week higher as traders continued to focus on the prospect of supply disruptions. Production outages around the world have fueled gains in oil prices in recent weeks, chipping away from the oversupply that has plagued the market for nearly two years. Wildfires in Canada have taken some oil fields there out of commission, while disruptions in Nigeria and Libya have also given prices a lift. “Supply currently only just covers demand due to high production,” said Barbara Lambrecht, analyst at Commerzbank. Brent crude, the global oil benchmark, rose 0.7% to $49.14 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.7% at $49.02 a barrel. For the week, Brent is up 2.8% while WTI is gaining 6.1%. The fires in Canada’s oil-rich Alberta province have affected as much as […]