Oil Narrows Most Weekly Losses as Supply Disruptions Balance Demand Concerns

Oil futures rose on Friday, as a stranded ship continues to block the Suez Canal, one of the world’s major trade routes, thus disrupting the flow of large crude supplies.

However, crude prices finished the week in losses, amid concerns about the resurgence of the Coronavirus pandemic through a third wave and the renewed lockdown measures in Europe reflecting negatively on the outlook for demand recovery.

Brent crude futures for May delivery closed higher by $2.56, or 4.13%, at $64.51 per barrel, finishing the week nearly unchanged with a marginal decline of 2 cents or 0.03%.

The West Texas Intermediate (WTI) crude futures for May delivery rose by $2.41, or 4.1%, to close at $60.97 per barrel. The U.S. benchmark futures lost 0.8% for the week.