Oil just managed a weekly gain as an impasse in Washington over pandemic relief dimmed chances of an imminent boost to demand.
Futures in New York eased off a nine-month high alongside a broader market decline as bipartisan talks on another round of U.S. fiscal stimulus stalled. West Texas Intermediate rose less than 1% for the week. A pullback was largely expected after Brent’s rally above $50 earlier in the week, with a key technical benchmark settling in overbought territory on Thursday.
“The vaccine opens the way for a future where demand returns to normal, and that’s what the market’s looking at,” said Bob Yawger, director of the futures division at Mizuho Securities. “There will be some pain along the way, but the vaccine acts as a silver bullet.”
- West Texas Intermediate for January delivery lost 21 cents to settle at $46.57 a barrel.
- Brent for February settlement declined 28 cents to end the session at $49.97 a barrel. The contract rose 1.5% this week
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