After sharp weekly gains, oil prices slip as coronavirus gloom persists

 After sharp weekly gains, oil prices slip as coronavirus gloom persists

Oil pumping jacks, also known as “nodding donkeys”, are reflected in a puddle as they operate in an oilfield near Almetyevsk, Russia, on Sunday, Aug. 16, 2020.

Andrey Rudakov | Bloomberg via Getty Images

Oil prices eased on Friday as concerns about the patchy roll-out of COVID-19 vaccinations around the globe tempered optimism over recovering fuel demand.

Brent crude was down 13 cents, or 0.2%, at $71.18 a barrel by 0504 GMT, after falling 4 cents on Thursday following a gain to the highest since May 2019. The contract is on track for a gain of over 2% this week.

U.S. oil fell 10 cents, or 0.2%, to $68.71, having dropped 2 cents in the previous session, while heading for a gain of nearly 4% this week.

“The upward momentum appears to have been exhausted, making way for some profit-taking. But I expect the pullback to be modest, as the broader narrative of a strong U.S. economic and oil demand rebound is well-entrenched,” said Vandana…

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