Oil rises, set to face largest weekly loss
Oil stood to make gains on Friday, but remained poised for its biggest weekly decline since March. Travel restrictions imposed by several countries as they struggle to contain the spread of the coronavirus’ Delta variant have raised concerns about fuel demands.
Brent crude oil futures climbed up 47 cents at $71.76 a barrel at 0640 GMT, while US West Texas Intermediate (WTI) crude futures gained 45 cents to $69.54 a barrel. However, both contracts have experienced a 6% loss in the week, the highest since March.
In Asia, Japan is set to extend emergency restrictions to even more prefectures. Meanwhile in China, the second-largest oil consumer globally, restrictions have been imposed in some cities and some flights had been cancelled, threatening fuel demand.
Going to the Middle East, concerns over escalating tensions between Israel and Iran have contributed to limiting the commodity’s decline in prices.
Meanwhile, the United States’ daily new COVID-19 cases have risen to a six-month high.