Crude oil rises 2% but posts weekly decline on demand fears
NEW YORK: Oil rose more than 2% in volatile trading on Friday, but finished the week about 7% lower as a new wave of coronavirus infections across Europe dampened hopes that fuel demand would recover soon.
Brent crude settled up $1.25 a barrel, or 2%, at $64.53 a barrel. West Texas Intermediate (WTI) U.S. crude rose $1.42, or 2.4%, to $61.42. During the session, both traded within a wide range of more than $2 a barrel. The weekly loss for both benchmarks was just under 7%.
On Thursday, oil slid 7% as large European economies reimposed lockdowns, while vaccination programs there were slowed by distribution issues and fears of side effects.
