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

MELBOURNE/BEIJING (Reuters) -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.

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.