Oil retained most of the gains it made for 3 consecutive days, to trade today (Friday), above $73 a barrel, amid optimism that increased demand will tighten the global energy market.
Brent and West Texas Intermediate crude declined, but US crude is still trading above $71, after rising more than 8% in the previous three sessions.
The previous string of gains means that prices did not change much over the week, after recovering most of the losses last (Monday).
Oil fell was crude due to concern about the spread of the delta variable of the Coronavirus that would limit consumption, at a time when the OPEC + alliance is preparing to add more supplies.
Crude oil has risen this year, as the introduction of vaccines has allowed economies to reopen; this has increased the energy demand and drained the abundance that had accumulated during the pandemic.
While the emergence and spread of the highly contagious delta variant, has set back that process, particularly in parts of Asia.
Data this week showed that gasoline demand has returned to normal in many of the largest oil-consuming countries, in addition to a decline in crude oil inventories in the major US hub Cushing.