Oil falls for the week on supply concerns, rising COVID cases | Reuters

Oil falls for the week on supply concerns, rising COVID cases | Reuters

Oil prices were little changed on Friday and ended the week lower, sapped in volatile trade by expectations of growing supplies just when a rise in coronavirus cases could lead to lockdown restrictions and depressed demand.

Brent futures rose 12 cents, or 0.2%, to settle at $73.59 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 16 cents, or 0.2%, to settle at $71.81. Earlier in the volatile session, both benchmarks were down over $1 a barrel.

Despite the small gains, Brent fell almost 3% for the week, marking a decline for the third week in a row for the first time since April 2020. WTI fell almost 4% this week, which would be its biggest weekly percentage decline since March.

U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending shifts back to services, bolstering expectations that economic growth accelerated in the second quarter.

With oil prices mostly rising over the last several months, the U.S. oil rig count continued its slow increase, gaining two rigs this week to 380 active units, their highest since April 2020, according to energy services firm Baker Hughes.