After sharp weekly gains, oil prices steady as coronavirus concerns resurface | Reuters
Oil prices recouped early losses and steadied on Friday as concerns about the patchy roll-out of COVID-19 vaccinations around the globe tempered optimism over recovering fuel demand.
Brent crude was down 1 cent at $71.30 a barrel by 0627 GMT, after falling 4 cents on Thursday following a gain to the highest since May 2019. The contract is on track for a gain of over 2.4% this week.
U.S. oil was up by 1 cent at $68.82, having dropped 2 cents in the previous session, while heading for a gain of nearly 4% this week.
“The upward momentum appears to have been exhausted, making way for some profit-taking. But I expect the pullback to be modest, as the broader narrative of a strong U.S. economic and oil demand rebound is well-entrenched,” said Vandana Hari, energy analyst at Vanda Insights.
Both contracts climbed about $5 each in the past two weeks amid optimism that global demand for fuel was recovering from the depths of the pandemic.
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