Oil prices steady, but set for big weekly loss on demand worries

LONDON (Reuters) -Oil prices were steady on Friday, but on track for steep weekly declines on concerns over the impact on fuel demand from travel restrictions to curb the spread of the Delta variant of COVID-19.

Brent crude oil futures were up 20 cents at $71.49 a barrel at 1427 GMT, set for their biggest weekly decline in over four months of over 6%.

U.S. West Texas Intermediate (WTI) crude futures rose four cents to $69.13, and were on track for their biggest weekly decline in nine months, also around 6%.

“The price action we see now is really a function of the macro picture,” said Howie Lee, an economist at Singapore bank OCBC.