Oil Prices Slip amid Uncertainty About Fuel Demand, Rising Output

Oil prices slipped on Friday amid growing uncertainty about the recovery in fuel demand as coronavirus cases surged in several countries, while major crude producers prepared to lift output.

Brent crude futures fell 32 cents to $43.05 a barrel by 1122 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 dropped 25 cents to $40.50. Both contracts were on track to remain broadly flat over the week.

The United States reported at least 75,000 new COVID-19 cases on Thursday, a daily record. Spain and Australia reported their steepest daily jumps in more than two months, while cases continued to soar in India and Brazil. Surges in coronavirus infections are slowing a recovery in fuel use and raising concern that it could be years before consumption rebounds from the impact of the pandemic…

View entirety: Reuters