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Oil prices on track to register worst week since March

International benchmarks WTI and Brent Crude rose 1.1 per cent and 1.14 per cent to reach $69.87 $72.13 respectively (Reuters)

Oil prices are on track to register their worst week in five months despite clawing back losses on Friday.

International benchmarks WTI and Brent Crude rose 1.1 per cent and 1.14 per cent to reach $69.87 and $72.13 respectively.

Read more: Oil prices plummet after Opec+ end deadlock

Traders have been spooked by the rapid spread of Covid cases globally, driven by the more transmissible Delta variant.

Sentiment is souring on concerns restrictions on economic activity will be reinstated to curb infections, which will hit oil demand hard. Prices plummeted in response to Covid restrictions last year.

Daily new Covid cases in the US have climbed to a six-month high, while a Reuters say cases have risen above 200m globally.

Read more: Oil prices plummet on surging Covid cases