London — Oil prices rose on Friday, reversing some of the previous day’s sharp losses as stock markets strengthened, though gains were capped by the coronavirus situation in major oil consumer India and the restart of a fuel pipeline in the US.
Oil prices have come under pressure this week from surging coronavirus cases in India as well as worries that the highly transmissible variant first detected there is spreading to other countries. "[Brent’s] renewed failure to exceed $70 is likely to have sparked selling by speculative market participants, especially as operation of the Colonial Pipeline is being ramped up again in the US,” Commerzbank said.
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