Oil dips, heading for weekly loss as virus cases rise

Oil prices dipped on Friday after steep falls in the previous session and were set for a weekly decline on worries renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere will suppress fuel demand.

Brent crude was down by 7 cents, or 0.2%, at $42.28 a barrel by 0114 GMT after falling more than 2% on Thursday. U.S. oil fell 13 cents, or 0.3%, at $39.49 a barrel after a drop of 3% in the previous session.

Brent is heading for a weekly decline of more than 1% and U.S. crude is on track for a fall of nearly 3%.