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[size=36]Despite its rise, oil is heading for the largest weekly loss[/size]
Economie| 10:26 - 06/08/2021
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Oil prices extended gains on Friday, but remained on track for their biggest weekly drop since March as travel restrictions to limit the spread of the COVID-19 delta version raised concerns about fuel demand.
Brent crude futures rose 47 cents to $71.76 a barrel at 0640 GMT, while US West Texas Intermediate crude futures rose 45 cents to $69.54 a barrel, but both contracts fell 6% this week, the most since March.
Japan is preparing to expand emergency restrictions to more prefectures while China, the world's second-largest oil consumer, has imposed restrictions in some cities and canceled flights, threatening fuel demand.
Daily new COVID-19 cases in the United States have risen to their highest level in six months. Read more
However, fears of escalating tensions between Israel and Iran limited the price drop. Ended 29/A43
Brent crude futures rose 47 cents to $71.76 a barrel at 0640 GMT, while US West Texas Intermediate crude futures rose 45 cents to $69.54 a barrel, but both contracts fell 6% this week, the most since March.
Japan is preparing to expand emergency restrictions to more prefectures while China, the world's second-largest oil consumer, has imposed restrictions in some cities and canceled flights, threatening fuel demand.
Daily new COVID-19 cases in the United States have risen to their highest level in six months. Read more
However, fears of escalating tensions between Israel and Iran limited the price drop. Ended 29/A43
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