Oil slips but set for weekly gain despite forecast for weaker demand
NEW YORK (Reuters) -Oil fell on Friday, but was on track to post a slight weekly gain, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand.
Global oil benchmark Brent crude was down 58 cents, or 0.8%, at $70.73 a barrel by 1:28 p.m. EDT (1728 GMT). U.S. West Intermediate crude lost 53 cents, or 0.8%, to trade at $68.56.
Over the week, the benchmarks were still set for a slight gain, compared with sharp losses last week – a 6% drop in Brent marked its largest week of losses in four months, and WTI slumped nearly 7% in its biggest weekly decline in nine months.
