Oil had a good week and heading to record weekly gains

With US markets closed this Friday in celebration of Independence Day holiday, oil prices enjoyed a good week and gained more than 4%.

According to Reuters, oil fell below 43 dollars/barrel on Friday on the back of the increased numbers of coronavirus infections in the US. However, it noted that it’s still heading for weekly gains on lower supply and signs of economic recovery.

The good US jobs data, released on Thursday, fueled market sentiment and added to the optimism around an economic rebound. 

But with heightened fears of other COVID-19 outbreaks, especially in the US, the job growth is at risk of suffering a plunge.

“If this trend continues, oil demand in the region is at risk,” Reuters reported, citing analyst Louise Dickson of Rystad Energy.

In today’s trading, WTI was holding above $40 per barrel, and Brent crude was trading above $42 per barrel.