Crude oil prices set to end week lower on coronavirus resurgence fears

LONDON: Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand.

Brent was up 20 cents, or 0.52 per cent, at $38.75 a barrel by 0926 GMT, having lost more than $1 earlier in the session.

After falling more than 5 per cent on Friday, West Texas Intermediate was up 15 cents, or 0.41 per cent to $36.49 a barrel. Both contracts ended around 8 per cent lower on Thursday.

The oil benchmarks are heading for weekly declines of more than 8 per cent, their first after six weeks of gains which have lifted them off their April lows.