Oil prices drop, leaving Brent on track for first weekly dip in seven weeks


Oil prices fell on Friday with Brent poised for its first weekly dip in seven weeks as demand for oil products in power generation cooled off amid easing coal and gas prices.

Brent crude futures dropped 50 cents to $84.11 a barrel extending a $1.21 slump in the previous session.

Brent touched a three-year high of $86.10 on Thursday, but was on track to slip 0.9% in the week, the first weekly dip since September 3.

US West Texas Intermediate (WTI) crude futures fell 49centsto $82.01 a barrel, after a 92 cents loss on Thursday.

According to analysis, crude oil has witnessed some correction as part of a sell-off across commodities amid renewed virus concerns and forecast of a milder winter in the United States.

The market hit multi-year highs earlier in the week on worries about coal and gas shortages in China, India and Europe, which spurred fuel-switching to diesel and fuel oil for power.

U.S. crude found support earlier this week as investors eyed low crude stocks at the major Cushing storage hub in Oklahoma.

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