Oil Prices Falling, But on The Path to Achieving a Significant Weekly Gain

Oil prices fell but were still on track to achieve significant weekly gains, with demand growing at a faster pace than supply, while vaccinations are expected to mitigate the impact of a new rise in Covid-19 cases around the world.

Brent crude futures for September delivery, which expire on Friday, fell 45 cents, or 0.6 percent, to $75.60 a barrel, after jumping 1.75 percent on Thursday.

The most active Brent crude contract for October delivery fell 48 cents, or 0.6 percent, to $74.62 a barrel.

US West Texas Intermediate crude futures fell 43 cents, or 0.6 percent, to $ 73.19 a barrel, trimming a gain it made on Thursday by 1.7 percent.