NEW YORK- Oil prices fell about 1 percent lower, posting to their steepest weekly losses in months, on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail the global recovery in energy demand.
Crude futures also came under pressure as the dollar strengthened after monthly US job growth came in higher than expected. A stronger dollar makes greenback-denominated oil more expensive for buyers in other currencies.
Brent crude oil futures settled down 59 cents, or 0.8 percent, at $70.70, while US West Texas Intermediate (WTI) crude futures fell 81, or 1.2 percent, to settle at $68.28 a barrel.
For the week, global benchmark Brent shed more than 6 percent, its largest week of losses in four months, and WTI tumbled nearly 7 percent in its biggest weekly decline in nine months.
