© Reuters. FILE PHOTO: Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson
By Sonali Paul
MELBOURNE (Reuters) – Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs.
futures fell 23 cents, or 0.3%, to $72.29 a barrel at 0145 GMT, reversing most of Thursday’s climb to its highest close since May 2019.
West Texas Intermediate (WTI) crude futures slipped 22 cents, or 0.3%, to $70.07 a barrel, after climbing 0.5% on Thursday to its highest close since October 2018.
Brent is set for a gain of 0.5% this week while WTI is set to climb 0.6%.
“If you take the week, we’ve certainly seen prices lift on some demand hopes, but it was mixed,” said Commonwealth Bank commodities analyst Vivek Dhar.