WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA

WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA

WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA

WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA

Libyan supplies are increasing ahead of an easing of output cuts. (AFP)

Short Url

WEEKLY ENERGY RECAP: Vaccine unlikely to rescue global oil demand for some time, says IEA

Updated 15 November 2020

Follow @arabnews

Oil prices registered a second weekly gain, even as the surge in COVID-19 cases worldwide tempered market optimism. 

Both benchmark prices recovered above the $40 per barrel barrier. The week ended with Brent rising to $42.78 per barrel and WTI gaining to $40.13.

Earlier in the week, Brent approached $45 per barrel on hopes for an effective COVID-19 vaccine, which was the main support for prices. 

However, the International Energy Agency (IEA) downgraded its demand