Oil on track for weekly gain of over 3%

A VLCC oil tanker is seen at a crude oil terminal in Ningbo-Zhoushan port, Zhejiang province, China. Picture: REUTERS

Brent crude futures fell 27c, or 0.36%, to $75.40 a barrel by 8.38am GMT, erasing Thursday's 21c gain. “Oil prices are slightly softer as offshore US production continues to slowly return ... and as some countries still struggle to contain the Delta variant [of the coronavirus],” said Edward Moya, senior market analyst at Oanda.

The dollar climbed to a three-week high on Friday, making dollar-traded crude imports more expensive for countries using other currencies.

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