Oil posted its fifth straight weekly gain, the longest winning streak since December, as demand recovers and supplies continue tighten in the U.S. and China. Futures in New York rose 3.4% this week to the highest level since October 2018. Demand continues to rebound while the market expects output will only get a modest increase from the OPEC+ alliance, which meets next week to discuss supply policy. “It’s very unlikely, at least from my perspective, that they are going to go flood the market with crude, open up all the spigots and collapse the price,” said Bart Melek, head of commodity strategy at TD Securities. Stockpiles are draining rapidly as fuel consumption rebounds in key regions including the U.S. and Europe. At the same time, the prospect of an imminent surge of Iranian oil […]