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Oil Ekes Out Weekly Gain as Demand Rebound Offsets Virus Fears

  • Fuel demand back to normal in parts of U.S., Europe and Asia
  • Schlumberger joins in calls of slowdown in U.S. shale growth
Oil’s Rise Above $40 Comes as Demand Recovers, Shale Reawakens
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil squeezed out its first weekly gain in three on signs that global demand is holding up despite concerns that the renewed spread of the virus could stall the recovery.

Futures in New York rose 0.2% this week, completely recouping a selloff on Monday that was stoked by the rapidly spreading delta variant. Fuel demand and road traffic from the U.S. to Asia and Europe remains resilient, underscoring expectations that the recovery hasn’t been derailed and global inventories will continue to shrink.