Oil slips on demand concerns, but posts a gain for the week
Oil prices fell more than 1% on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases.
The rise in infections remains the dominant issue for the fuel demand outlook. Cases in the United States are still rising in a number of states, while India recently reported a record daily jump in infections. More than 700,000 people have died in the worldwide pandemic.
Brent crude fell 78 cents, or 1.7%, to $44.31 a barrel. West Texas Intermediate crude settled 67 cents, or 1.6%, lower at $41.28 per barrel.
Brent is set for a weekly gain of 2.3%, while WTI is on track to rise 2.1%.
Talks between U.S. lawmakers over another round of stimulus have stalled, meanwhile. U.S. President Donald Trump has threatened to pull White House representatives out of talks and instead issue executive orders to address economic needs.
Reference: CNBC
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