Oil Prices Are Falling, But They Are Heading For The Largest Weekly Gain Since Late August

Oil prices fell in trading on Friday, but they are still on track to achieve their biggest weekly gains since late August, as easing concerns about the Coronavirus variable “Omicron” on global growth and fuel demand affected market sentiment.

Both Brent and West Texas Intermediate were on track to rise more than 6% this week, even after briefly taking profits, their first weekly gain in seven weeks.

US West Texas Intermediate crude futures fell 26 cents, or 0.4%, to $70.68 a barrel, after falling 2% in a volatile session the previous day.

Brent crude futures fell 0.6%, or 41 cents, to $74.01 a barrel, after falling 1.9% on Thursday.