Oil prices dipped on Friday as the uncertainty arising from the COVID-19 pandemic persisted, reigniting fears of weaker demand for crude.
The West Texas Intermediate (WTI) for August delivery lost 23 cents to settle at 38.49 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 3 cents to close at 41.02 dollars a barrel on the London ICE Futures Exchange.
The moves came as coronavirus cases continued to increase in the United States.
More than 2.4 million confirmed COVID-19 cases have been reported in the United States, with nearly 125,000 deaths, as of Friday afternoon, according to the Center for Systems Science and Engineering at Johns Hopkins University.
Meanwhile, data from oilfield services company Baker Hughes on Friday showed that the number of active U.S. rigs drilling for oil fell by one to 188 this week.
For the week, WTI saw a 3.4-percent decline, while Brent lost 2.8 percent.
Editor:Cherie
