Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an Opec+ deal to increase supply clouded the short-term outlook. Futures in New York fell 0.6 per cent toward $71 a barrel after closing at the lowest in a month on Thursday.
The fast-spreading delta variant is sweeping across the globe, leading to renewed restrictions and curbing fuel demand. The United Arab Emirates is nearing a deal that would give it better terms and allow Opec+ to boost output in the coming months, although details remain scant. A stronger ...
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