Oil prices ease on demand concerns, still headed for weekly gain

Oil prices fell for a second session on Friday, weighed down by lingering concerns over slower global demand, but were still headed for a second consecutive weekly gain amid expectations of tightening supplies. Both benchmarks reached 10-month highs earlier this week on fears of potential shortages during the peak winter demand season after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. "Investors took profits after the recent rally which was driven by concerns over tighter supply following extended production cuts in Saudi Arabia and Russia," said Tatsufumi Okoshi, senior economist at Nomura Securities.