Oil prices little changed, on track for third straight weekly gain

Oil prices were little changed on Friday, on track for a third consecutive weekly rise, but demand concerns stemming from surging coronavirus cases and renewed lockdowns in several countries capped any further gains.

The likelihood of an effective Covid-19 vaccine and hopes that OPEC and its allies would keep production under check have bolstered the oil markets this week.

Brent crude futures were up 5 cents, or 0.1% to $44.25 a barrel at 0505 GMT.

The more active U.S. West Texas Intermediate (WTI) crude contract remained unchanged at $41.90 a barrel. The WTI contract for November, which expires on Friday, was also flat at $41.74 per barrel.

Both benchmarks are up over 3% so far this week, the slimmest weekly gains in the last three weeks.