Oil retreats from 9-month high as coronavirus surge stokes demand fears
Oil prices eased on Friday but stayed within touching distance of nine-month highs hit in the previous session as soaring COVID-19 cases weigh on fuel demand and U.S. lawmakers battle over a $900 billion economic stimulus package.
WTI crude futures slipped 17 cents or 0.4%, to $48.19 a barrel at 0513 GMT, while Brent crude futures fell 26 cents, or 0.5%, to $51.24 a barrel, Reuters reported.
Both contracts had climbed on Thursday, on optimism around progress on a COVID-19 relief bill, strong Asian refining demand and a slide in the U.S. dollar to a two-and-a-half year low. With oil priced in dollars, a weaker greenback makes oil cheaper in other currencies.