Friday, December 9, 2022

Oil Pares Weekly Gain as Virus Surge Damps Vaccine Optimism By Bloomberg


© Reuters. Oil Pares Weekly Gain as Virus Surge Damps Vaccine Optimism

(Bloomberg) — Oil was set for its third weekly advance as progress toward a coronavirus vaccine lifts optimism on the long-term demand outlook, though signs that the pandemic continues to rage across the U.S. and Europe capped gains.

Futures in New York slipped 0.4%, adding to a modest decline on Thursday. U.S. jobless claims rose for the first time in five weeks, presenting yet another obstacle to a sustained rebound in consumption. With coronavirus cases rising across the U.S., many states are increasing restrictions, while the Centers for Disease Control and Prevention urged Americans not to travel for Thanksgiving.

Still, has gained almost 4% over the week after vaccine developments and signs of demand recovering in Asia boosted optimism over the outlook for consumption in the longer-term.

The shaky near-term demand picture poses a challenge to OPEC and its allies as they struggle to manage the market. The United Arab Emirates tried to ease a spat with its OPEC+ partners on Thursday, after officials privately questioned the benefit of its membership of the group.

The producer group is also dealing with the recent surge in Libyan oil output, which has surpassed 1.25 million barrels a day according to state-run National Oil Corp. Amid the rise in production, France’s Total SE is in talks to increase energy investment in the North African nation.

©2020 Bloomberg L.P.

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