(Bloomberg) -- Oil was steady after eking out a modest weekly gain as investors assessed the outlook for demand amid a resurgence in Covid-19.Futures in New York traded near $72 a barrel after adding 0.4% last week, the first weekly advance in three. There are signs that demand for fuels such as gasoline has increased as vaccination programs are rolled out, although the fast-spreading delta variant has raised concerns about the short-term outlook. Tight restrictions have been renewed including c
Early losses were pared by expectations of strong demand and support from falling oil stockpiles and rising vaccination rates.
With multiple catalysts at work, EBW Analytics Group said Friday that the futures rally could continue.