Oil dips, little changed on week despite weaker demand forecasts | Reuters

Oil dips, little changed on week despite weaker demand forecasts | Reuters

Oil prices dipped on Friday and ended the week little changed after weathering concerns from banks and the International Energy Agency that the spread of coronavirus variants is slowing oil demand.

Global oil benchmark Brent crude settled down 72 cents, or 1%, at $70.59 a barrel for the session.U.S. West Intermediate crude settled down 65 cents at $68.44.

For the week, Brent fell less than 1%, after dropping 6% last week, its largest week of losses in four months. Last week WTI slumped nearly 7% in its biggest weekly decline in nine months. read more

On Thursday, the IEA said demand for crude oil ground to a halt in July and was set to rise at a slower pace over the rest of the year because of surging infections from the Delta variant of the coronavirus. read more

Still, oil has remained supported by improved demand in the world's top consumer, the United States and other nations where the COVID-19 vaccination rate is higher.