Oil set for large weekly decline as concerns over demand linger

Oil headed for a large weekly loss as demand concerns continue to hang over the market.

West Texas Intermediate pared an earlier gain to trade near US$74 a barrel on Friday, and is down around 8 per cent this week. Saudi Arabia reduced prices for crude sold to Asia and Europe in 

February, signaling concerns over the near-term outlook. China is battling a surge in virus cases after COVID-19 restrictions were lifted, although mobility is set to rise as the Lunar New Year holidays approach.