Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide.
Brent crude futures fell 40 cents, or 0.5per cent, to US$75.65 a barrel by 0151 GMT, following a 1.75per cent jump on Thursday. U.S. West Texas Intermediate crude futures fell 38 cents, or 0.5per cent, to US$73.24 a barrel, whittling down a 1.7per cent rise from Thursday.Both benchmark contracts were headed for gains of around 2per cent for the week, buoyed by indications of tight crude supplies and strong demand in the United States, the world's biggest oil consumer.
U.S. crude and gasoline inventories fell sharply in the latest week, with crude stocks at Cushing at their lowest since January 2020, reflecting strong demand growth. ANZ analysts noted even jet fuel consumption in the country had hit its highest level since March 2020.
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