Oil heads for weekly loss as geopolitical risk premium wanes

News Snapshot:

Oil prices were little changed on Friday, but headed for a second week of losses as supply concerns driven by conflict in the Middle East eased, while the demand outlook from the world’s top crude importer China remained uncertain. Brent crude futures were down 13 cents, or 0.1 per cent, to $86.72 a barrel at 0955 GMT, while U.S. West Texas Intermediate crude futures slipped 10 cents, or 0.1 per cent, to $82.36 a barrel. Both benchmarks gained more than $2 a barrel on Thursday, but were on track to lose about 4 per cent on the week. China’s manufacturing...