Oil prices head for weekly loss on Omicron coronavirus uncertainty

SINGAPORE: Oil prices dipped on Friday, putting the market on track for a weekly loss, as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand, while a weaker dollar supported commodity markets broadly.

Brent crude futures fell 74 cents, or 1%, to $74.28 a barrel at 0530 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped 81 cents, or 1.1%, to $71.57 a barrel. Brent is headed for a 1.2% loss this week, while WTI is poised to finish the week down 0.1%.