Oil dips on rise in U.S. coronavirus cases, set for weekly fall - Reuters

Oil dips on rise in U.S. coronavirus cases, set for weekly fall - Reuters:

Oil prices settled lower on Friday as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs.

Brent crude futures settled down 3 cents at $40.91, falling 1% on the week. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents to $38.49, down 1.6% on the week.

Earlier gains, supported by optimism over rising road traffic boosting fuel demand, were erased in U.S. trading on fears that spiking COVID-19 infections in large gasoline-consuming U.S. states could stall the demand recovery. Cases have risen sharply in California, Texas and Florida, the three most populous U.S. states.

Friday morning, Texas Governor Greg Abbott reversed the state’s reopening plan, ordering most bars to close due to the surge in cases.