Oil prices fall, but on track for weekly gain

Oil prices fell on Friday, with Brent slipping away from the $70 mark after briefly rising above that level in the previous session, hurt by supply concerns and worries about progress in US-China trade talks.

International benchmark Brent futures dropped 26 cents, or 0.4 per cent, to $69.14 a barrel by 0229 GMT, having touched $70.03 in the previous session, the highest since Nov. 12.

US West Texas Intermediate (WTI) crude was down 1 cent at $62.09. The contract fell 36 cents in the previous session, having hit $62.99 on Wednesday, its highest since November.

Still, Brent is heading for a second week of gains, while WTI is on track for a fifth consecutive weekly rise.