Oil posted its sixth straight weekly gain, the longest winning streak since December, as the standoff between OPEC+ ministers over output dragged on at the alliance’s full meeting on Friday. Futures in New York rose 1.7% this week. Most members of the alliance backed a proposal to increase supply and extend the deal into later next year, but the United Arab Emirates remains opposed, according to delegates. The ongoing dispute leaves open the possibility of a supply deficit in the global oil market over the second half of the year. “Demand is continuously outstripping supply, even if you do get the gradual increase, demand will come on a lot faster, a lot stronger than they can raise output,” said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago. Oil jumped more than […]