Oil rose for a seventh straight week as efforts to pass another U.S. virus relief package added to optimism that the vaccine’s rollout will provide a long-awaited boost to demand. Futures rose 1.5% in New York on Friday, extending this week’s rally to over 5%. Talks on a relief package have made some headway, with Senate Majority Leader Mitch McConnell saying he’s “even more optimistic now” that an agreement is near. Recent progress in rolling out a Covid-19 vaccine has also buoyed the outlook for consumption. “It’s all about the return to pre-pandemic life, and we’re getting there,” said Edward Moya, senior market analyst at Oanda Corp. “You have major breakthroughs on the vaccine front, which has been very positive for the demand recovery outlook. People are also playing close attention to the overall trajectory of the U.S. dollar.” The […]