Crude Futures Headed For Weekly Loss

Oil is modestly lower in Asia on Friday, but is still within yesterday's range after plunging on Thursday and seeing a small bounce into the close. WTI is own $0.18 from settlement levels at $63.64/bbl, while Brent is down $0.25 at $66.80. The benchmarks are on track for a weekly decline of almost 2%, which would be the worst week since early April. The fall this week comes despite a positive assessment of demand from the IEA with markets focusing on elevated inflation globally and the possibility of policy tightening, while also considering a surge in coronavirus cases in many countries including India where new cases are still at over 300k per day. As reported yesterday the Colonial Pipeline is back online but it is expected to take a few days for supply to return to normal, the Biden administration allowed a foreign tanker to transport gasoline to a Valero Energy refinery to allow it to keep operating. Other waivers are being considered.