Oil Headed For Third Weekly Gain On Tighter Supply Concerns

India, March 28 -- Oil prices were marginally lower on Friday but headed for a third consecutive weekly gain on a tightening global supply outlook.

Benchmark Brent crude futures slipped 0.1 percent to $73.26 a barrel in European trade while WTI crude futures for May delivery were little changed at $69.91.

Both benchmarks hit a three-week high on Tuesday and headed for a weekly gain of nearly 2 percent as the Energy Information Administration reported a decline in crude and product inventories.

Also, supply concerns persist after the U.S. stepped up efforts to limit Iranian and Venezuelan crude sales.

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