Oil prices little changed, on track for third straight weekly gain | Reuters
Oil prices were little changed on Friday, on track for a third consecutive weekly rise, but demand concerns stemming from surging coronavirus cases and renewed lockdowns in several countries capped gains.
Prospects of an effective COVID-19 vaccine and hopes that OPEC and its allies will keep production in check have bolstered oil markets this week.
Brent crude LCOc1 futures were up 2 cents, or 0.05% at $44.22 a barrel by 0730 GMT.
The more active U.S. West Texas Intermediate (WTI) January crude contract CLc2 dipped 4 cents to $41.86 a barrel. The WTI contract for December CLc1, which expires on Friday, was down 3 cents at $41.71 per barrel.
“Both contracts continue to consolidate at the upper end of their November ranges. However, momentum has notably waned, and both are vulnerable to negative headline surprises now,” said Jeffrey Halley, senior market analyst at OANDA.
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