Oil Caps Worst Week in 10 Months as Delta Fears Shake Outlook
- Spread of deadly variant continues to pose a risk to demand
- West Texas Intermediate crude slumped 7.7% this week
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Oil fell, capping the biggest weekly loss since October, as the spread of the delta coronavirus variant in China and elsewhere in the world is casting doubts on demand growth.
West Texas Intermediate futures dropped 1.2% Friday and 7.7% for the week. The dollar rose following a better-than-expected U.S. jobs report, weakening the appeal of commodities priced in the currency. China has imposed increasingly strict restrictions on mobility to fight the spread of the deadly variant, while records in daily cases were set in Thailand and Sydney, Australia.