Oil prices slip on profit-taking, but head for strong weekly gain

MELBOURNE: Oil NSE -1.34 % prices drifted down on Friday as traders locked in profits from a strong run-up this week, stoked by growing confidence that the rapid spread of the Omicron coronavirus variant would not hit global growth and fuel demand.

Benchmark Brent and WTI were both on course to rise more than 6% this week, even after the profit-taking, their first weekly gain in seven weeks.