KONTAN.CO.ID - 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%. "Look at what's happening with Omicron - that's a negative which people are trying to digest. Are we going to be in line for some new restrictions? That's what the market's trying digest," said Commonwealth Bank commodities analyst Vivek Dhar.
Oil prices head for weekly loss on Omicron coronavirus uncertainty
KONTAN.CO.ID - 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%. "Look at what's happening with Omicron - that's a negative which people are trying to digest. Are we going to be in line for some new restrictions? That's what the market's trying digest," said Commonwealth Bank commodities analyst Vivek Dhar.