Oil in New York barely nudged this week despite whipsawing over several days, as renewed lockdowns in some regions blunted near-term demand outlooks and muted the impact of a standstill at the Suez. West Texas Intermediate futures fell less than 1% to close the week at $60.97, while Brent crude just barely eked out a gain, snapping a streak of back-to-back weekly declines. Futures rose almost 6% and fell nearly 5% in sessions this week as traders recalibrated their positions from day-to-day. Market volatility reached the highest since November. While optimism remains over the long-term outlook for a global demand rebound, the downbeat developments surrounding European lockdowns and rising case counts exacerbated an abrupt unwinding of long positions in a market that was signaling it may have rallied too far, too fast. Still, Goldman […]