Oil Scores Large Weekly Loss on Pandemic Concerns

Oil prices declined on Friday amid concerns about the spread of the Coronavirus Delta variant and a strong surge but the U.S. Dollar (USD) that followed the release of a strong jobs data for July.

Oil futures extended their weekly losses and snapped a two-week rising streak.

The spread of the Delta variant with a rising number of new infections led to Japan and China reinstating lockdown measures, which might affect the demand of energy.

Brent crude futures for October delivery lost 59 cents, or 0.83%, and finished at $70.70 per barrel.

For the week, the global benchmark crude’s declined by 6.3%, in the first loss in three weeks and the worst since March 19.

Meanwhile, the West Texas Intermediate (WTI) crude futures for September delivery fell by 81 cents, or 1.2%, to close at $68.28 per barrel.

On a weekly basis, WTI futures plunged by 7.67%, its highest loss since early October.