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…