Oil Ekes Out Weekly Gain After Retreating From Nine-Month High
- Crude crawls to sixth weekly gain supported by earlier surge
- U.S. lawmakers remain at impasse over pandemic relief package
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil just managed a weekly gain as an impasse in Washington over pandemic relief dimmed chances of an imminent boost to demand.
Futures in New York eased off a nine-month high alongside a broader market decline as bipartisan talks on another round of U.S. fiscal stimulus stalled. West Texas Intermediate rose less than 1% for the week. A pullback was largely expected after Brent’s rally above $50 earlier in the week, with a key technical benchmark settling in overbought territory on Thursday.