Oil prices fell modestly on Friday amid signs that the damage caused by Hurricane Laura was not as bad as expected.
The West Texas Intermediate (WTI) for October delivery lost 7 cents to settle at 42.97 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 4 cents to close at 45.05 dollars a barrel on the London ICE Futures Exchange.
Oil prices came under pressure when it emerged that Hurricane Laura had apparently not caused any serious damage to energy infrastructure, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Friday.
"The market is now likely to focus on demand again, which remains fragile in view of the weak economic situation in emerging economies and the seemingly never-ending pandemic," he said.
Based on the front-month contracts, WTI saw a weekly gain of 1.5 percent, while Brent rose 1.6 percent for the week.
Editor:Cherie
