Oil price dips, little changed on week despite weaker demand forecasts

Global oil benchmark Brent crude settled down 72 cents, or 1%, at US$70.59 a barrel for the session. U.S. West Intermediate crude settled down 65 cents at $68.44. For the week, Brent fell less than 1%, after dropping 6% last week, its largest week of losses in four months. Last week WTI slumped nearly 7% in its biggest weekly decline in nine months.

NEW YORK: Oil prices dipped on Friday and ended the week little changed after weathering concerns from banks and the International Energy Agency that the spread of coronavirus variants is slowing oil demand.

Global oil benchmark Brent crude settled down 72 cents, or 1%, at US$70.59 a barrel for the session. U.S. West Intermediate crude settled down 65 cents at $68.44.