Oil falls 3%, heads for weekly drop on demand concerns

NEW YORK: Oil prices fell nearly 3% on Friday, headed for their biggest weekly decline since June as concern around a slow economic recovery from the COVID-19 pandemic added to worries about weak oil demand.

Brent crude, the international benchmark, dropped $1.08, or 2.5%, to $42.99 a barrel, by 10:53 a.m. EDT (1453 GMT). US West Texas Intermediate (WTI) fell $1.12, or 2.7%, to $40.25 a barrel.