Oil prices dip on sluggish coronavirus recovery - Reuters

Oil prices dip on sluggish coronavirus recovery - Reuters:

Oil prices edged lower on Friday but held near a five-month high as an easing of coronavirus lockdowns aids a slow recovery in fuel demand while major crude producers seek to limit supply.

Brent crude LCOc1 futures were down 52 cents, or 1.1%, at $44.38 a barrel by 0850 GMT, heading for a 0.9% weekly decline.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 48 cents, or 1.1%, at $42.34 but on track for a weekly gain of about 0.9%.

The euro zone’s economic recovery from its deepest downturn on record has stuttered this month as the pent-up demand unleashed by the easing of lockdowns in July has dwindled, a survey showed on Friday.