Oil Erases Weekly Gains and Turns to Losses

Oil prices declined on Friday, giving up most of their weekly gains in a correction wave that follows recent surges amid continuous concerns about the rising number of new Coronavirus cases.

Brent crude futures for March delivery declined by $1.32, or 2.3%, to close at $55.10 per barrel.

For the week, the global benchmark crude most active contracts lost 1.6%.

Meanwhile, the West Texas Intermediate (WTI) crude futures for February delivery dropped by $1.21, or 2.3%, to finish at $52.36 per barrel, reducing weekly gains to 0.2%, rising for the third consecutive week and maintaining their level above the $50 mark.