Oil price settles lower on rise in new coronavirus cases in US and China

The global economic outlook has also worsened or at best stayed about the same in the past month

Oil prices settled lower on Friday as new coronavirus cases spiked in the United States and China, and on growing concerns about rising US output ticking up while crude stockpiles sat at record highs.

Brent crude futures settled down 3 cents at $40.91, falling 1 per cent on the week. US West Texas Intermediate (WTI) crude futures fell 23 cents to $38.49, down 1.6 per cent on the week.

Earlier gains, supported by optimism over rising road traffic boosting fuel demand, were erased in US trading on fears that spiking Covid-19 infections in large gasoline-consuming US states could stall the demand