US crude oil futures edged up on Friday, but remained on track for their biggest weekly decline since late October on demand concerns as top consumers impose travel restrictions to curb the spread of the Covid-19 Delta variant.US West Texas Intermediate crude futures have dropped 6.4% this week, the biggest weekly loss since the end of October. Thy were up 10c at $69.19 a barrel, at 4am of GMT.
“The price action we see now is really a function of the macro picture,” said Howie Lee, an economist at Singapore’s OCBC bank. Japan is poised to expand emergency restrictions to more prefectures while China, the world’s second-largest oil consumer, has imposed curbs in some cities and cancelled flights, threatening fuel demand.
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