Oil prices edge lower, tracking biggest weekly gain since late August

Oil prices dipped on Friday, but were still on track to their biggest weekly gain since late August, as the easing concerns over the Omicron coronavirus variant on global growth and fuel demand drove market sentiment,  Investing.com

Benchmark Brent and WTI were both on course to rise more than 6% this week, even after a brief profit-taking, their first weekly gain in seven weeks.

U.S. West Texas Intermediate (WTI) crude futures lost 26 cents, or 0.4%, to $70.68 a barrel at 0735 GMT, after sliding 2% in a volatile session the previous day.

Brent crude futures dropped 0.6%, or 41 cents, to $74.01 a barrel after falling 1.9% on Thursday.

Prices are under pressure as China's domestic air traffic, once the world's envy after a fast rebound during the pandemic, is faltering amid a zero-COVID policy that has led to tighter travel rules in Beijing and weaker consumer confidence after repeated small outbreaks.

To recap, the United States earned millions on the seized Iranian oil.

Tags: oil, jet fuel, Asia, oil production, coronavirus, price, petroleum products, oil deliveries, gasoline, economy, China

Read also

German gas shortage may prevent exports to Europe
France says it can do without Russian supplies
749 settlements de-energized due to hostilities