Oil prices inch up as demand upswing counters virus concerns - Reuters

Oil prices inch up as demand upswing counters virus concerns - Reuters:

Oil prices inched up on Friday as the bullish impetus from signs of fuel demand recovery was kept in check by a rising number of new coronavirus cases in the United States and China and tentative expecations of U.S. output ticking up.

Brent crude LCOc1 futures were 38 cents higher at $41.43 at 0829 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 29 cents at $39.01.

Both contracts are on track for a weekly fall of around 1.7% after record U.S. crude inventory data dragged prices down on Wednesday.

Analysts said satellite data showing a strong pick-up in traffic in China, Europe and across the United States pointed to an improvement in fuel demand.