Oil prices head for weekly loss on Omicron uncertainty | Reuters

Oil prices head for weekly loss on Omicron uncertainty | Reuters

Oil prices dipped on Friday, putting the market on track for a weekly loss, as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand.

Brent crude futures fell $1.26, or 1.6%, to $73.76 a barrel at 1206 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped $1.23, or 1.7%, to $71.15 a barrel. Brent and WTI are both headed for a 1.7% loss this week.

In Denmark, South Africa and Britain, the number of new Omicron cases has been doubling every two days. Denmark's Prime Minister Mette Frederiksen on Thursday warned the government may impose further curbs to limit its spread. read more

In the United States, the rapid spread of the Omicron variant has led some companies to pause plans to get workers back into offices. read more