Oil on track for weekly loss over demand concerns

Oil prices appeared headed for a weekly loss on Friday despite recovering some from a retreat on Thursday as markets reacted to concerns that elevated inflation could continue to stick around and hurt demand.U.S. West Texas Intermediate (WTI) crude futures were up 1.13% to $77.74 as of 3:24 p.m. ET, while the Brent crude July contract rose to $82.13.On Thursday, Brent closed at its weakest since February 7 and U.S. WTI futures at their lowest since February 23.Brent was on track to close down 2.