Oil posted a weekly decline after a volatile few days that saw traders grow more concerned about the effect the Omicron variant of SARS-CoV-2 would have on demand and tighter monetary policy.
West Texas Intermediate for January delivery fell as much as 3.4 percent on Friday to briefly trade below US$70 a barrel, but closed the day 2.1 percent down at US$70.86 a barrel.
It ended the week losing 1.13 percent as daily COVID-19 cases in the UK jumped to a record, while hospitalizations surged across the US. Prices also weakened after the US dollar rose in response to impending steps by