Oil dips on rise in U.S. coronavirus cases, set for weekly fall
Share:
NEW YORK (Reuters) - Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs.Brent crude futures were 34 cents lower at $40.72 at 11:12 EST. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents at $38.16.Brent was on track for a weekly decline of 3.1% and U.S. crude was headed for a weekly drop of 3.6%, after record..