Oil Is Gaining Momentum As Bullish Forces Increase

U.S. West Texas Intermediate oil futures are trading higher early Friday and in a position to post a gain for the week despite the release of a second report calling for a supply glut in 2020. The price action suggests that supply worries are outweighing demand concerns. Affecting the supply side are a tropical storm in the Gulf of Mexico and heightened tensions in the Middle East. Also helping to generate some upside momentum is another large drawdown in U.S. stockpiles. Oil Rigs Evacuated Ahead of Storm Fifteen production platforms and four rigs…