geopolitics

Weekly prices declined for the first time since October, as a new coronavirus mutation spread through parts of the world and poses risks to energy demand. 

Prices rose for a seventh straight week as efforts to pass another US virus relief package added to optimism that the vaccine’s rollout will provide a boost in demand. Futures rose 1.5 percent in New York on Friday, extending this week’s rally to over 5 percent.

Oil managed a small weekly gain last week as the impasse in Washington over pandemic relief dimmed chances of an imminent boost in demand. 

Prices rose for a fifth straight week with support from the OPEC+ deal and hopes for another round of US stimulus. 

Prices rose for a fourth straight week, buoyed by optimism over Covid-19 vaccine progress ahead of an OPEC+ ministerial meeting this week.

Last week. prices rose to the highest in nearly three months, with positive Covid-19 vaccine developments paving the way for a more sustained oil demand recovery. F

Futures fell 2.4 percent in New York on Friday, closing at $40.13, but still posted the largest weekly gain in a month as optimism about a potential Covid-19 vaccine jolted markets earlier in the week.

Expectations over OPEC+ delaying its planned output increase in January and a post-election rally in equities helped crude prices with a strong start last week.

Oil posted its largest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery.

Prices finished lower last week in anticipation of a surge in Libya’s crude supply and concerns about rising coronavirus cases in the US and Europe.

Futures posted a small weekly gain on signs that demand is picking up in China even as a new wave of coronavirus infections casts a shadow over the global market.

Prices gained 9 percent last week, settling at $42.85 in London and $40.60 in New York — the first increase in three weeks and the biggest weekly rise for Brent since June.