geopolitics

Crude posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year.

Futures rose towards $72 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about the pace of the COVID-19 vaccination rollout around the globe.

It was a historic week for the oil industry, potentially marking a turning point, at least for the corporate strategies of the oil majors.

Prices had their worst week in at least a month as the market contends with a potential deal that could lift US sanctions against Iranian crude.

Prices have been stuck in a range lately, with optimism around global inventories rebalancing being offset by constant reminders that parts of the world remain far from a full recovery from the pandemic.

The struggle between the spreading pandemic in the less developed world and the revival of economic activity in the US, Europe, and China continues to keep prices volatile as they move steadily higher.

Prices rose last month with much positive economic data and signs of a fuel consumption revival in key economies offsetting a worsening coronavirus crisis elsewhere.

Prices fell last week with spreading coronavirus cases in countries such as India tempering optimism around positive signs out of the US and Europe.

Last week, oil prices saw their biggest weekly gain since early March as signs emerged of a recovery from the pandemic gaining traction in the US and China.

The markets posted their worst week since mid-March amid concerns that rising global coronavirus cases slowed economic recovery.

West Texas Intermediate and Brent crude futures posted solid increases on Thursday after OPEC+ decided to increase production slowly.

Prices were volatile last week as the grounding of the “Ever Given” container ship in the Suez Canal set off a chain of events that wreaked havoc on global trade.