Oil heads for biggest weekly loss this year on Delta variant concerns

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.

“The market is reacting to the concern that the delta variant, particularly in Asia,