Oil drives for fourth consecutive week of gains which is supported by signs of a tighter global market and a weakened US dollar.

US West Texas Intermediate goes for USD 82.59, down from USD 83.24 on Thursday afternoon, bringing the weekly progress to nearly 2% despite today’s dip.

”It looks like the rally in crude prices has finally hit a wall,” OANDA analyst Edward Moya says in a note, according to Dow Jones Newswires.

WTI benchmark climbed to the highest levels in five months, bouncing back from late March’s USD 64 a barrel, the lowest level in 15 months. Back then, Opec and its allies stunned the market by slashing production outputs significantly.

The gains have been propelled by dwindling US stockpiles, waning Russian oil flows, and disruptions in pipeline supplies from Iraqi Kurdistan.

A continued weakened greenback drives oil up, as a weak US dollar makes dollar-denominated oil cheaper for investors holding other currencies.

“Oil prices have managed to deliver a new, higher high this week, reflecting buyers in control,” writes Bloomberg News, citing Yeap Jun Rong, market strategist for IG Asia Pte.

Tighter supply, a weakened US dollar, and optimism on Chinese demand rebound serves as a support for crude, he says.

A barrel of European benchmark Brent trades at USD 86.46 on Friday morning, drown from USD 87.24 on Thursday afternoon.