Oil slips but set to end week steady on tight supply as demand recovers
LONDON (Reuters) -Oil edged further below $74 a barrel on Friday but was on track to end the week little changed after a surprising recovery from Monday’s slide, underpinned by expectations that supply will remain tight as demand recovers.
The price of oil and other riskier assets tumbled at the start of the week on concern about the impact on the economy and crude demand from surging cases of the COVID-19 Delta variant in the United States, Britain, Japan and elsewhere.
Brent crude was down 3 cents at $73.76 a barrel by 1000 GMT after jumping 2.2% on Thursday. U.S. West Texas Intermediate (WTI) crude dropped 1 cent to $71.90, following a 2.3% gain on Thursday.
