oil prices

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.

Oil fell last week in New York to $37.05 and Brent plummeted to $39.27, after President Trump’s positive Covid-19 diagnosis combined with labor market weakness led to heightened concerns over an economic recovery.

Prices fell this week amid growing concerns that another wave of the coronavirus pandemic will spark tighter lockdowns and further stifle oil demand. 

Prices climbed $4 a barrel last week, closing at about $43 in London and $41 in New York. They were lifted by hurricane Sally in the Gulf of Mexico, which took more than 500,000 b/d offline and left production 30 percent below normal by week’s end.

Futures posted their first back-to-back weekly loss since April’s rout with the end of the summer driving season and concern about OPEC’s production compliance weighing on prices.

New York futures settled near two-month lows after gains in the dollar reduced the appeal of commodities priced in US currency and concerns about over-supply mount.