Oil Posts Weekly Gain With Stimulus Hopes Aiding Vaccine Rally

  • McConnell says he’s even more optimistic about an aid package
  • Analysts see risk of U.S. tapping spare crude output capacity
Photographer: Oliver Bunic/Bloomberg
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Oil rose for a seventh straight week as efforts to pass another U.S. virus relief package added to optimism that the vaccine’s rollout will provide a long-awaited boost to demand.

Futures rose 1.5% in New York on Friday, extending this week’s rally to over 5%. Talks on a relief package have made some headway, with Senate Majority Leader Mitch McConnell saying he’s “even more optimistic now” that an agreement is near. Recent progress in rolling out a Covid-19 vaccine has also buoyed the outlook for consumption.