Oil prices drop; Brent on track for first weekly dip in seven | Reuters

Oil prices drop; Brent on track for first weekly dip in seven | Reuters

Oil prices fell on Friday with Brent poised for its first weekly dip in seven weeks as demand for oil products in power generation cooled off amid easing coal and gas prices, while a forecast for a mild U.S. winter also weighed on the market.

Brent crude futures dropped 50 cents, or 0.6%, to $84.11 a barrel at 0645 GMT, extending a $1.21 slump in the previous session.

Brent touched a three-year high of $86.10 on Thursday, but was on track to slip 0.9% in the week, the first weekly dip since Sept. 3.

U.S. West Texas Intermediate (WTI) crude futures fell 49 cents, or 0.6%, to $82.01 a barrel, following a 92-cent loss on Thursday.

"Crude oil has witnessed some correction as part of a sell-off across commodities amid renewed virus concerns and forecast of a milder winter in the United States," said Ravindra Rao, vice president, commodities at Kotak Securities.