Oil prices edge lower on economic concerns, but geopolitics support

Oil prices declined on Friday, with Brent slipping from the $70 mark reached the previous day, but both main contracts were set for weekly gains on mounting geopolitical risks. Brent crude futures dropped 25 cents to $69.15 a barrel by 1204 GMT, having touched $70.03 in the previous session, its highest since November 12. US West Texas Intermediate (WTI) crude fell by 13 cents to $61.97, having hit their highest since November 7 on Wednesday at $62.99. Brent and WTI are on track for their second and fifth consecutive weeks…

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