Oil jumps more than 2%, but posts worst week since October
Oil rose more than 2% in volatile trading on Friday after a sell-off earlier in the week erased about 7% from prices as a new wave of coronavirus infections across Europe dampened expectations of any imminent recovery in fuel demand.
Brent crude settled 1.98% higher at $64.53 per barrel. West Texas Intermediate (WTI) U.S. crude rose 2.37% to settle at $61.42 per barrel. Both traded within a wide range of more than $2 a barrel on Friday.
Oil fell about 7% down on Thursday as several large European economies reimposed lockdowns and vaccination programmes were slowed by distribution issues and concerns over potential side effects.
The market turned bullish on Friday, buoyed by a sentiment that the sell-off was overdone.
Reference: CNBC
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