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(Bloomberg) -- Oil notched its fourth straight weekly gain, the longest run since July, as US sanctions posed growing risks to global supply in a market already tightened by cold weather.Most Read from BloombergNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesHow Sanctuary Cities Are Preparing for Another Showdown With TrumpWhat LA’s Fires Mean for the City’s Housing ShortageScaramucci, Ackman Donate to Whitney Tilson’s NYC Mayoral RunDeadly Landslide of Garbage Displays Uganda's

(Bloomberg) -- The most aggressive Western sanctions imposed on Russia’s oil sector since Moscow’s 2022 invasion of Ukraine threaten to disrupt global supply as buyers — led by China and India — scour the Middle East for alternative suppliers. Some estimates suggest the measures could halve Russian oil exports and their introduction has driven up Brent futures by as much as $5 a barrel in recent days.Most Read from BloombergNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesHow Sanc

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row to the lowest since December 2021, energy services firm Baker Hughes said in its closely followed report on Friday. Baker Hughes said this week's decline puts the total rig count down 40 rigs, or 6% below this time last year. Baker Hughes said oil rigs fell by two to 478 this week, their lowest since November, while gas rigs also fell by two to 98, their lowest since September.

Oilfield company SLB raised its quarterly dividend and accelerated share repurchases on Friday as its fourth-quarter profit beat expectations, while also warning of flat 2025 revenue due to an oil oversupply. The world's largest oilfield services company increased its quarterly dividend by 3.6%, and said it would buy back $2.3 billion of shares at an "accelerated" pace. First-quarter and full-year revenue would largely be unchanged from the same periods last year, as excess oil supply limits oilfield activity, the company said.

LONDON (Reuters) -Oil prices moved lower on Friday but remained on course for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade heightened expectations for oil supply disruptions. Brent crude futures were down 57 cents, or 0.70%, at $80.72 per barrel by 1433 GMT, having gained 1.15% this week. "The oil market is in a bit of a wait-and-see mode, to understand if there are any supply disruptions based on the latest U.S. sanctions versus Russia," UBS analyst Giovanni Staunovo said.

(Bloomberg) -- The International Monetary Fund upgraded its global growth forecast for this year, spurred by stronger-than-expected US demand and slowing inflation worldwide that will let central banks continue to cut interest rates.Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyNYC Commuters Get New Way to Dodge Traffic: $95 Helicopter RidesScaramucci, Ackman Donate to Whitney Tilson’s NYC Mayoral RunIn a City of Sprawl, Wildfire Evacuation Is Getting HarderWi

The U.S. Federal Reserve will hold interest rates steady on Jan. 29 and resume cutting in March, according to a slim majority of economists polled by Reuters, as policymakers digest an expected barrage of new economic policies from Washington. The latest survey, taken in the week before U.S. President-elect Donald Trump's inauguration on Jan. 20, also suggests lingering inflation pressures may only allow the Fed to cut rates once more. Concerns around Trump's pledges, ranging from across-the-board tariffs, extending tax cuts, to deportations of illegal immigrants, have already contributed to a dramatic rise in U.S. Treasury yields before he takes office.