Oil pulls back amid New York coronavirus curbs, gains for a 6th week

NEW YORK (Reuters) – Oil prices settled lower on Friday, as demand worries due to new coronavirus-related restrictions on business in New York overshadowed progress toward vaccination programs.

Brent futures settled down 28 cents, or 0.6% at $49.97 a barrel. The contract rose above $51 a barrel on Thursday to an early-March high.

U.S. West Texas Intermediate (WTI) crude fell 21 cents, or 0.5%, to $46.57, having risen almost 3% in the previous session.

“Restrictions in New York are weighing on prices,” said Bob Yawger, director of energy futures for Mizuho in New York. On Thursday, funds had placed net long bets as Brent topped $50 a barrel. “As we approach the close, the speculator community is reluctant to go home with a net long position,” he said.