WTI Rallies 10% In Bullish Week For Oil

In spectacular fashion, crude oil traders went from discussing bearish factors such as storage containment issues to celebrating forecasts calling for supply shortages, in less than a week. U.S. West Texas Intermediate moved higher for a fourth session on Friday, putting it on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit. WTI crude oil is set for its strongest weekly performance since early June after Hurricane Sally cut U.S. production…