Oil prices slip on profit-taking, but head for strong weekly gain

Oil prices slip on profit-taking, but head for strong weekly gain
# 10 December 2021 08:06 (UTC +04:00)

Oil prices drifted down on Friday as traders locked in profits from a strong run-up this week, stoked by growing confidence that the rapid spread of the Omicron coronavirus variant would not hit global growth and fuel demand, APA reports quoting Reuters.

Benchmark Brent and WTI were both on course to rise more than 6% this week, even after the profit-taking, their first weekly gain in seven weeks.

U.S. West Texas Intermediate (WTI) crude futures fell 7 cents, or 0.1%, to $70.87 a barrel at 0150 GMT, after sliding 2% in a volatile session the previous day.

Brent crude futures slipped 4 cents to $74.38 a barrel after falling 1.9% on Thursday.

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