Oil prices headed for weekly loss, but stay well above $100 a barrel

Oil prices were set for a second straight weekly loss, but found a floor above $100 a barrel on Friday after volatile trading this week with no easy replacement for Russian barrels in sight in a market already marked by tight supply. Brent crude futures fell 27 cents, or 0.3 per cent, to $106.37 a barrel by 1356 GMT, after surging nearly 9 per cent on Thursday in the largest percentage gain since mid-2020.

U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.2 per cent, at $103.15 a barrel, adding to an 8 per cent jump on Thursday.

Benchmark contracts were set to end the week down around 6 per cent, after having traded in a $16 range. Prices hit 14-year highs nearly two weeks ago.