Wall Street Bullish On Oil Despite Losing Streak

Oil prices fell on Friday but still managed to eke out a slight weekly gain at $68.44/bbl, as investors continued to weigh a bullishly tight global market against the worrying spread of the coronavirus delta variant. Oil prices have been highly volatile over the past few weeks, with the International Energy Agency (IEA) warning that the spread of the delta variant would slow the global oil demand recovery in its latest report "Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major…