Oil dips on COVID-19 resurgence, fears of more supply | Reuters

Oil dips on COVID-19 resurgence, fears of more supply | Reuters:

Oil prices edged lower on Friday, dragged down by concerns that a spike in COVID-19 cases in the United States and Europe will continue to drag on demand in two of the world’s biggest fuel-consuming regions.

OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and ally producers including Russia, fear a prolonged second wave of the pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a much gloomier outlook than just a month ago.

Brent crude futures LCOc1 fell 23 cents to settle at $42.93 a barrel, and U.S. West Texas Intermediate (WTI) crude futures dropped 8 cents to settle at $40.88 a barrel.

Brent rose 0.2% for the week, while WTI was on track to gain 0.7%.