Oil slips to $45 on demand concerns, set for weekly rise - Reuters

Oil slips to $45 on demand concerns, set for weekly rise - Reuters:

Oil dipped to around $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August lent support.

The resurgence of infections remains a key issue for the market and demand outlook. Tallies show cases in the United States are rising in a number of states. India reported on Friday a record daily jump in infections.

Brent crude LCOc1 fell 13 cents, or 0.3%, to $44.96 by 0820 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 also slipped 13 cents to $41.82.

Traders were also watching talks in the United States over the next coronavirus stimulus package. Democratic leaders in the U.S. Congress and top aides to President Donald Trump failed to make substantial progress on Thursday.