Oil Heads For 7% Weekly Decline as Delta Spreads

Oil prices fell on Friday for the seventh consecutive session, approaching their lowest level in three months, and heading towards a weekly decline of more than seven percent, as new closures in countries facing increasing cases of the mutated delta strain of the Coronavirus weakened expectations for fuel demand.

Investors were also generally averse to risk from oil, with the dollar rising to a nine-month high thanks to indications that the US Federal Reserve is considering scaling back its stimulus program this year.