Oil headed for a third straight weekly drop on growing demand concerns and the unwinding of its war-risk premium, with Saudi Arabia blaming speculators for the decline.

West Texas Intermediate was steady near $76 a barrel on Friday and is down around 6% for the week. Prices edged higher Thursday after comments by Saudi Energy Minister Prince Abdulaziz bin Salman that were similar to his criticism of speculators in May, weeks before the kingdom cut output.