Oil Posts Biggest Weekly Loss Since March on Virus Comeback
- Covid-19 resurgence leading to renewed restrictions worldwide
- WTI switches between gains and losses Friday in choppy trade
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Oil declined the most this week since March as a resurgence of Covid-19 threatened the outlook for global fuel consumption in the near-term.
Futures in New York edged up on Friday but settled 3.7% lower for the week. The rapidly spreading delta variant is triggering renewed restrictions on movement as it sweeps across the globe. The U.K. is considering stricter measures due to a surge in cases, Singapore is shutting hundreds of nightlife venues, and in the U.S., a mask mandate has been reinstated in Los Angeles County.