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Oil futures declined Friday, but U.S. prices tallied a weekly gain of more than 8% on the back of expectations for lower energy demand and a climb in weekly U.S. crude supplies. Prices had climbed sharply early on in the week on news of a potential COVID-19 vaccine, but gave up some of their gains on Thursday and Friday after U.S. government data showed an unexpected weekly climb in domestic crude inventories.

U.S. oil futures post a weekly gain of more than 8%

Oil futures lose ground Friday as COVID-19 cases continue to rise at a rapid pace, though crude remains on track for a sharp weekly advance following gains inspired by progress toward a vaccine.

Futures Movers: Oil prices pull back, but remain on track for 9% weekly rise

Oil futures settled with a loss on Thursday, pressured by an unexpected weekly climb in U.S. crude inventories and lower demand expectations on the back of ongoing COVID-19 concerns. Prices had traded higher for much of the session on expectations that a potential vaccine for the virus will ease demand worries and OPEC may take action to extend output cuts.

Oil futures end lower as a rise in U.S. supplies, fall in demand expectations pressure prices

A coronavirus vaccine is “unlikely to ride to the rescue” of the global oil market until sometime next year, the International Energy Agency says. The intergovernmental body reduced its forecast for worldwide oil demand Thursday, saying a surge in COVID-19 infections in the US and Europe and the attendant lockdowns will put renewed pressure on.

COVID-19 vaccine won't rescue global oil demand until next year

The Energy Information Administration reported Thursday that U.S. crude inventories climbed by 4.3 million barrels for the week ended Nov. 6. The data, which were released a day later than usual because of Wednesday's Veterans Day holiday, defied expectations for a 3 million-barrel decline forecast by analysts polled by S&P Global Platts.

EIA reports an unexpected weekly climb in U.S. crude supplies

Oil futures take a pause as concern over rising COVID-19 cases overshadow optimism over a vaccine against the disease.

Futures Movers: Oil rally pauses as rising COVID cases, downbeat consumption forecasts overshadow vaccine optimism

After a dismal year, the oil market needs a savior. And while a vaccine may play that role eventually, investors just got a tough reminder of how far there is to go.

Why a vaccine isn't a quick fix for oil markets or the economy

The International Energy Agency (IEA) has previously said that this year's global energy demand decline will be seven times larger than the fall following the 2008/2009 financial crisis.

Oil CEOs believe a demand recovery is coming, but volatility is here to stay

Oil prices have surged this week on hopes that an effective coronavirus vaccine could be approved before the end of the year. The rally is starting to look premature.

Oil prices surged this week on Covid vaccine hopes. The rally is starting to look premature

Global oil demand is set to slip as more countries reintroduce lockdowns in an effort to slow the spread of COVID-19, according to OPEC.

OPEC warns new coronavirus wave will hit oil demand

U.S. oil futures finished modestly higher on Wednesday, extending their gains to a third straight session. Enthusiasm for the rally that was fed by prospects for a COVID-19 vaccine, however, has faded, with prices ending near the session's low after OPEC cuts its 2020 forecast for global oil demand.

U.S. oil futures eke out a gain for the session

The latest revision to demand estimates has again been influenced by the increasing trajectory of coronavirus cases.

OPEC Sees Oil Demand Dropping Further

Coronavirus lockdown measures in Europe and weakening consumption in the Americas will result in global oil demand taking a larger hit in 2020 than previously expected, the Organization of the Petroleum Exporting Countries said Wednesday.

The Wall Street Journal: OPEC says it expects larger hit to demand than previously expected in 2020

OPEC now expects the coronavirus pandemic to have wiped out seven years of growth in global oil demand this year. In its latest monthly report, the coalition lowered its demand outlook for crude oil in 2020 by 0.3 million barrels to 90 million barrels per day. OPEC has repeatedly cut its forecasts for demand growth over the past few months and now expects global consumption to hit its lowest since 2013 this year, according to past reports.

OPEC slashes 2020 and 2021 forecasts as surging coronavirus cases jeopardize oil-market demand

Oil futures jump Wednesday, adding to the week's gains on optimism over prospects for a COVID-19 vaccine and industry data that show a large drop in U.S. crude inventories.

Futures Movers: Oil prices jump, boosted by vaccine hopes and drop in U.S. crude inventories

The report comes less than three weeks before the group meets with non-OPEC allies to discuss the next phase of oil production policy.

OPEC cuts 2020 oil demand forecast again on rising Covid cases — sees slower recovery next year

Oil futures climbed Tuesday for a second straight session, continuing to find support amid prospects for a COVID-19 vaccine that eased some concerns that rising cases of the virus will lead to a further slowdown in energy demand. Despite the day's climb, "questions about demand are still hanging over the energy market as several nations are currently in lockdown that should hurt demand," said David Madden, market analyst at CMC Markets UK.

Oil futures notch back-to-back gains, buoyed by prospects for a COVID-19 vaccine

Given the widespread changes in oil consumption, it is worth asking whether the oil sector could be COVID-19's biggest victim.

Will Oil Be COVID-19's Biggest Victim?

Oil futures rise Tuesday, looking to build on the biggest one-day gain in more than five months, boosted by optimism over prospects for a COVID-19 vaccine as the continued spread of the disease undercuts fuel demand.

Futures Movers: Oil prices extend rise on optimism over vaccine

Oil futures rallied Monday, lifting U.S. prices by more than 8% as news of a promising COVID-19 vaccine helped ease worries about a slowdown in energy demand tied to rising cases of the virus. December West Texas Intermediate crude rose $3.15, or 8.5%, to settle at $40.29 a barrel on the New York Mercantile Exchange.

U.S. oil futures gain more than 8% on news of promising COVID-19 vaccine

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'Cheap oil is here to stay': 3 analysts lay out why oil prices will come crashing back down after surging on Pfizer's coronavirus vaccine announcement

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OPEC is also adding a bit of fuel to shares of major oil producers.

Big Oil Stocks Are Soaring on COVID-19 Vaccine News Today

Pfizer and BioNtech said their experimental vaccine candidate showed greater than 90% effectiveness from preventing COVID-19 in participants without evidence of prior infection.

Oil prices spike as coronavirus vaccine shows promise

Oil jumped by almost 10% on Monday for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

Oil jumps on vaccine hopes and OPEC+ supply signals

Oil prices soar Monday, extending gains after Pfizer said its vaccine was much better than expected in protecting people from COVID-19 in a crucial study.

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