Oil prices dip on worries over U.S. recovery and stimulus talks

07.08.2020 - Evdokimov Roman
Oil prices dip on worries over U.S. recovery and stimulus talks

Oil prices dipped earlier on Friday, continuing losses from the previous session as the COVID-19 situation worsened, stalling U.S. talks for a much-anticipated stimulus deal.

U.S. West Texas Intermediate (WTI) crude futures fell by 2 cents, trading at $41.93 per barrel by 10:46 PM ET (0246 GMT), while Brent crude futures dipped by 0.1%, last trading at $45.03 per barrel, losing gains made from an earlier session.

However, WTI and Brent are on track for weekly gains of at least 4%, making it the highest for the benchmark contracts since mid-July.

A resurgence of COVID-19 cases factored into the losses as worries that the pandemic could put a dent on oil demand mounted.

Investors have also watched the lack of progress between the White House and Democrats over the next stimulus package, with Democrats saying President Donald Trump may have to issue executive orders if he does not want to negotiate further.

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