Oil slips but seen ending week little changed on supply tightness
23 Jul 2021 | Economic News
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Oil prices eased on Friday but were poised to end the week largely steady after rebounding from a sharp drop earlier in the week, underpinned by expectations that supply will remain tight as demand recovers.
Brent crude futures fell 23 cents, or 0.3%, to $73.56 a barrel by 0542 GMT, after jumping 2.2% on Thursday. For the week, Brent was set to end the week flat.
U.S. West Texas Intermediate (WTI) crude futures fell 23 cents, or 0.3%, to $71.68 a barrel, following a 2.3% gain on Thursday. WTI was headed for a 0.2% weekly loss.
Prices of oil and other riskier assets tumbled earlier in the week on concerns about the economic impact of surging COVID-19 cases of the Delta variant in the United States, Britain, Japan and elsewhere.
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