Oil prices post weekly loss on Omicron uncertainty

Brent crude futures settled down US$1.50, or 2%, at $73.52 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $1.52, or 2.1%, to settle at $70.86 a barrel. Brent was down 2.6% on the week and WTI fell 1.3%.

NEW YORK: Oil prices fell on Friday and were also down on the week as surging cases of the Omicron coronavirus variant raised fears that new restrictions may hit fuel demand.

"There are concerns about COVID that won't go away, and the perception that could weigh on demand is putting pressure on the market," said Bob Yawger, director of energy futures at Mizuho in New York.