Oil Ekes Out Weekly Gain Even as Resurgence Threatens Demand
- Market pared earlier declines after strong retail sales
- Virus cases rise in U.S., restrictions imposed in London
A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico, U.S., on Thursday, Sept. 10, 2020.
Photographer: Callaghan O'Hare/BloombergThis article is for subscribers only.
Oil posted a small weekly gain on tentative signs that demand is picking up even as a new wave of coronavirus cases casts a shadow over the market.
Futures in New York edged lower on Friday, but still managed to record an advance of 0.7% this week on shrinking U.S. crude stockpiles and signs of improving demand in China and India. Gains were capped by record new virus cases from Germany to Portugal and the biggest surge in U.S. daily infections in two months.