LONDON—Oil prices steadied on Friday but were on track for a second week of losses as the market awaited further signs of fuel demand recovery in China and the impact of an EU embargo and price cap on Russian oil products.
Brent crude futures fell 18 cents, or 0.2 percent, to $81.99 a barrel by 1043 GMT, having dropped by about 1 percent in the previous session. U.S. West Texas Intermediate (WTI) crude futures slipped by 14 cents, or 0.2 percent, to $75.74.
Brent is poised to register a more than 5 percent decline this week while WTI is on course for a 4 percent drop.
“Oil prices are likely to tread water until it becomes clear how dynamically Chinese demand will recover or what the consequences of the EU embargo and price caps will be,” Commerzbank said….