WTI crude futures slipped below $82 per barrel on Friday as investors took profits after a strong rally, but were still headed for a fourth straight weekly advance on signs that the market is tightening as global consumption withstands the impact from the omicron variant. Oil has now recovered most of the losses late last year that were driven by omicron and the US-led release of emergency reserves.

A confluence of factors supported oil prices, including supply interruptions in Libya and Kazakhstan, concerns over the capacity of OPEC countries to deliver on planned increases and falling crude inventories in the US. Meanwhile, investors remained cautious of a potential hit to demand from Covid-related curbs and a drop in mobility in Asia, as well as prospects of aggressive US interest rate hikes.