Oil prices post biggest weekly gain since August as Omicron concerns ease
Oil prices rose slightly on Friday and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant’s impact on global economic growth and fuel demand.
The Brent and U.S. West Texas Intermediate (WTI) crude benchmarks each posted gains of about 8% this week, their first weekly gain in seven, even after a brief bout of profit-taking.
Brent futures settled up 73 cents, or 1%, at $75.15 a barrel, after falling 1.9% on Thursday.
WTI rose 73 cents, or 1%, to $71.67 after sliding 2% in a volatile session the previous day.
