Oil climbs as Suez Canal mishap threatens supplies, but demand worries push prices down for the week
Oil futures ended higher on Friday, with no sign that the ship blocking the Suez Canal will be cleared anytime soon, threatening the flow of oil supplies in the region. Prices, however, ended the week lower, as rising COVID-19 cases and renewed lockdowns in Europe dulled the outlook for energy demand. “The fundamental backdrop of the oil markets has deteriorated this week as consumer demand estimates are revised lower, but the near-term uncertainties surrounding the Suez debacle are keeping prices from materially declining,” said Tyler Richey, co-editor at Sevens Report Research. May West Texas Intermediate crude
rose $2.41, or 4.1%, to end at $60.97 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract fell 0.8% for the week, according to Dow Jones Market Data.