Oil prices fall on coronavirus surge but on track for weekly gain

LONDON (Reuters) – Oil prices fell on Friday, pressured by fears about a slow recovery in the global economy and fuel demand due to rising coronavirus infections, but hopes for a vaccine kept the market on track for a second straight weekly gain.

Brent crude was down 36 cents, or 0.83%, at $43.17 a barrel as of 1143 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 48 cents, or 1.17%, to $40.64 a barrel.

For the week, both were headed for a surge of about 9%.

U.S. government data also added pressure, as crude inventories rose by 4.3 million barrels last week, compared with an expected fall of 913,000 barrels.