Oil Resumes Weekly Winning Streak on Gradual Demand Recovery
- U.S. benchmark crude up 9.6% this week after loss last week
- Coronavirus could be worsening in China, U.S. Sun Belt states
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Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April.
U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi Aramco all talked up the strength of the demand recovery in recent days, and prices for some of the world’s major oil products have begun to roar higher. OPEC+ gave reassurance on output cuts on Thursday.