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Oil closes out wild week with rally intact as bulls fight back

Oil prices have recovered over widespread concerns about the impact of the delta coronavirus, which led to a slump early in the week and could put a lid on prices, just as OPEC+ is planning on adding 400,000 more barrels to the market from August.

Photo: FREDERIC J. BROWN/AFP / AFP

Oil held the bulk of a three-day advance to trade above USD 71 a barrel amid optimism that rising demand will tighten the global market.

West Texas Intermediate edged 0.4 percent lower, after rallying more than 8 percent in the preceding three sessions. That run of gains means that prices are little changed on the week, having recouped most of Monday's slump, when crude plunged on concern the spread of the delta coronavirus variant would crimp consumption just as the OPEC+ alliance moved to add more barrels.

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