Oil settles up, marking seventh straight weekly gain | Reuters

Oil settles up, marking seventh straight weekly gain | Reuters

Oil settled up at a nine-month high on Friday, rounding out seven straight weeks of gains as investors focused on the rollout of COVID-19 vaccines and a decline this week in the U.S. dollar.

Pfizer has applied for approval in Japan for its vaccine, which is being used in the United Kingdom and the United States. U.S. Vice President Mike Pence said U.S. approval for Moderna’s shot could come later on Friday.

Brent crude settled up 76 cents, or 1.5%, to $52.26 a barrel after touching $52.48, its highest since March. U.S. West Texas Intermediate (WTI) crude settled up 74 cents, or 1.5%, to $49.10 after reaching $49.28, its highest since February.

The U.S. dollar rebounded slightly on Friday but stayed near 2-1/2-year lows reached a day earlier. A weak dollar makes oil and other commodities cheaper for buyers using other currencies.

Oil slips as surge in COVID-19 cases threatens demand | Reuters

Oil slips as surge in COVID-19 cases threatens demand | Reuters

Oil prices slid from nine-month highs on Friday, with soaring COVID-19 cases seen as a threat to near-term fuel demand and a strengthening of the U.S. dollar also having a negative impact.

U.S. West Texas Intermediate (WTI) crude futures slipped 14 cents or 0.29%, to $48.22 a barrel at 0757 GMT, while Brent crude futures fell 20 cents, or 0.39%, to $51.30.

More than 73.65 million people have been reported to be infected by the coronavirus globally and 1,654,920 have died, according to a Reuters tally on Friday.

The spike in cases is leading to tough restrictions on travel, impacting fuel demand and any economic recovery.