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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 31 cents, or 0.7%, to $44.78 by 0942
GMT. U.S. West Texas Intermediate (WTI) crude <CLc1> slipped 39
cents, or 0.9%, to $41.56.
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.
"Hopes are still running high for another round of fiscal
stimulus," said Stephen Brennock of oil broker PVM. "Failure to
extend aid would deal a massive blow to the recovering U.S.
economy and the fragile oil demand outlook."
Brent and WTI are set for weekly gains of almost 3%. Prices have
recovered from lows reached in April, when Brent slipped below
$16, a 21-year low, thanks in part to a record deal on supply
cuts by OPEC and its allies.
Saudi Arabia's energy minister and his Iraqi counterpart
stressed their countries' full commitment to the deal.
Iraq has been a laggard in fully meeting its pledge.
Over the week, a weaker U.S. dollar helped to support prices by
making the commodity more attractive to buyers holding other
currencies.
The dollar index, up on Friday, is expected to weaken ahead of
U.S. non-farm payrolls figures later in the day that is forecast
to show job creation slowed in July.
(Additional reporting by Sonali Paul and Shu Zhang; Editing by
Edmund Blair and Jane Merriman)
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