OIL POSTS BIGGEST WEEKLY LOSS SINCE MARCH

Oil declined the most this week since March as a resurgence of COVID-19 threatened the outlook for global fuel consumption in the near-term. Futures in New York edged up on Friday, but settled 3.7 per cent lower this week. The rapidly spreading delta variant is triggering renewed restrictions on movement as it sweeps across the globe. At the same time, crude markets face the prospect of extra supplies from the OPEC+ coalition, as the United Arab Emirates and Saudi Arabia repair a rift that has stymied the group's decision-making process. “It was a one-two punch for the petroleum complex this week: the compromise agreement between OPEC+ and the U.A.E. signalled more supply will be forthcoming to the market, after all,” said John Kilduff, a partner at Again Capital LLC.