Oil prices recouped early losses and steadied 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 1 cent at $71.30 a barrel by 0627 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 2.4% this week.
U.S. oil was up by 1 cent at $68.82, having dropped 2 cents in the previous session, while heading for a gain of nearly 4% this week.
Both contracts climbed about $5 each in the past two weeks amid optimism that global demand for fuel was recovering from the depths of the pandemic.
· Goldman says a nuclear deal with Iran could send oil prices higher. Not everyone agrees
A nuclear deal between the U.S. and Iran could send energy prices higher — even if it means more supply in the oil markets, according to Goldman Sachs’ head of energy research.
Talks in Vienna are ongoing as Iran and six world powers — the U.S., China, Russia, France, U.K. and Germany — try to salvage the 2015 landmark deal. Officials say there’s been progress, but it remains unclear when negotiations could conclude and oil prices have been seesawing as a result.
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