Oil trims gains, but heads for third weekly rise on demand recovery By Reuters – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryGulf

© Reuters. FILE PHOTO: Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson

By Sonali Paul

MELBOURNE (Reuters) – Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs.

futures fell 23 cents, or 0.3%, to $72.29 a barrel at 0145 GMT, reversing most of Thursday’s climb to its highest close since May 2019.

U.S.

West Texas Intermediate (WTI) crude futures slipped 22 cents, or 0.3%, to $70.07 a barrel, after climbing 0.5% on Thursday to its highest close since October 2018.

Brent is set for a gain of 0.5% this week while WTI is set to climb 0.6%.

“If you take the week, we’ve certainly seen prices lift on some demand hopes, but it was mixed,” said Commonwealth Bank commodities analyst Vivek Dhar.

“The...read more...