Oil prices slip as coronavirus cases surge - Reuters

Oil prices slip as coronavirus cases surge - Reuters



Oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output.

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.

Fuel demand has broadly recovered from a 30% drop in April after nations worldwide restricted movements and businesses shuttered. Consumption remains below pre-pandemic levels, however, and fuel purchases are falling again as infections rise.

Brent crude futures LCOc1 fell 23 cents a barrel to settle at $43.14 per barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell 16 cents to $40.59. Both contracts were little changed from a week earlier.