Oil is Rising, but on track for its biggest weekly loss

Oil prices extended gains Friday, August 6, but are still on track for their biggest weekly loss since March as travel restrictions aimed at stemming the spread of the delta mutated strain raise concerns about fuel demand.

Brent crude futures rose 47 cents to $71.76 a barrel, and US West Texas Intermediate crude futures rose 45 cents to $69.54 a barrel, but futures contracts for the two crudes are down 6% this week, their biggest loss since March.

Japan plans to extend emergency restrictions to more provinces and China, the world’s second-largest oil consumer, has imposed restrictions in some cities and canceled flights, threatening fuel demand.