Oil prices drop, but on track for weekly gain | Reuters

Oil prices drop, but on track for weekly gain | Reuters

Oil prices fell on Friday but remained on track to post steep weekly gains with demand growing faster than supply, while vaccinations are expected to alleviate the impact of a resurgence in COVID-19 infections across the globe.

Brent crude futures for September , which expires on Friday, dropped 56 cents, or 0.7%, to $75.49 a barrel by 0640 GMT, following a 1.75% jump on Thursday.

The more active Brent contract for October was down 64 cents, or 0.9% to $74.46 per barrel.

U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 0.8%, to $73.02 a barrel, whittling down a 1.7% rise from Thursday.

"Oil prices pulled back slightly amid cautious sentiment across the Asia Pacific markets as investors weighed virus concerns and weaker-than-expected U.S. GDP and jobs data," said Margaret Yang, a strategist at Singapore-based DailyFX.