Global oil prices set for weekly gain despite India virus surge
LONDON: Oil prices eased on Friday but were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India weighed.
Brent crude futures were down 12 cents, or 0.2%, at $67.97 a barrel by 1343 GMT and U.S. West Texas Intermediate (WTI) crude fell by 10 cents, or 0.2%, to $64.61.
Both Brent and WTI are on track for second consecutive weekly gains as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand.
In China, data showed export growth accelerated unexpectedly in April while a private survey pointed to strong expansion in service sector activity.
