Due to demand concerns, oil prices are heading for a second consecutive weekly loss. Prices continued to fall on Friday and appear to be on track for their second consecutive weekly loss.

US West Texas Intermediate crude futures fell 35 cents, or 0.5%, to $70.94, and Brent futures fell 35 cents, or 0.5%, to $75.61 per barrel at 0304 GMT. Satoru Yoshida, a commodity analyst at Rakuten Securities, believes that “oil prices are expected to fall in a range of around $3 above and below $70 for WTI in the near term