MELBOURNE/BEIJING: Oil prices drifted in a narrow range on Friday, 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 per cent this week, even after a brief profit-taking, their first weekly gain in seven weeks.
U.S. West Texas Intermediate (WTI) crude futures gained 2 cents, or 0.03 per cent, to $70.96 a barrel at 0419 GMT, after sliding 2 per cent in a volatile session the previous day.
Brent crude futures slipped 6 cents to $74.36 a barrel after falling 1.9 per cent on Thursday.
