Investing.com investing.com 18 Dec, 2020 19:00 am

Oil up 7th Week, Longest Winning Streak Since April 2019 By Investing.com

Oil up 7th Week, Longest Winning Streak Since April 2019 By Investing.com
Oil up 7th Week, Longest Winning Streak Since April 2019

com - Oil prices were up for a seventh straight week, the longest winning streak in 20 months, as bets for economic recovery in 2021 were turbocharged by expectations that a new Covid-19 fiscal relief worth almost $1 trillion will pass Congress soon.“Whether oil prices can remain as high and keep these gains is still questionable amid the demand destruction lockdowns are causing,” Bjornar Tonhaugen, analyst at Rystad Energy, was quoted saying on Friday.Oil prices have been on a tear for almost two months now on bets that people across the world might soon be able to travel freely as millions of doses of coronavirus vaccines were being prepared for delivery over the course of the next few weeks, after approval by relevant health authorities.The accumulated gain over the seven weeks was 36%.

Its total gain over the seven weeks was 39%.It was also the longest winning stretch for oil since April 2019.

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