Oil prices headed for weekly loss, but stay well above $100/bbl | Reuters

Oil prices headed for weekly loss, but stay well above $100/bbl | Reuters

Oil prices were set for a second straight weekly loss, but found a floor above $100 a barrel on Friday after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply.

Brent crude futures fell 29 cents, or 0.3%, to $106.35 a barrel by 1245 GMT, after surging nearly 9% on Thursday in the largest percentage gain since mid-2020.

U.S. West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.1%, at $103.06 a barrel, adding to an 8% jump on Thursday.

Both benchmark contracts were set to end the week down more than 5%, after having traded in a $16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.