Weekly energy recap: Dec. 25, 2020

Crude oil prices registered the first weekly drop after the previous seven consecutive weekly gains. On the weekly closing, the Brent crude price declined to $51.29 per barrel. The West Texas Intermediate (WTI) crude price also declined, to $48.23 per barrel.
Though oil prices registered a weekly decline, Brent crude still held above the important physiological level of $50 per barrel, surpassing the seven-month-long narrow range around $40, which was the Brent crude price average for 2020.